BCE Annual Integrated Report 2023

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-looking statements....................................................................... 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
About this report
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/responsibility or contact
annual report following the principles of the International Reporting us at [email protected].
Framework (the <IR> Framework), now part of the International
Reporting structure and reporting period GRI 2-3
This report includes the Strategic overview, the 2023 annual — Pages 72 to 169 of this Integrated annual report present the BCE
Management’s discussion and analysis (BCE 2023 Annual MD&A) 2023 Annual MD&A, which comments on our business operations,
and the audited consolidated financial statements for the year ended performance, financial position and other matters for the years
December 31, 2023 (BCE 2023 Annual financial statements) of BCE Inc. ended December 31, 2023 and December 31, 2022.
All amounts in this report are in millions of Canadian dollars, except — Pages 172 to 221 of this Integrated annual report present
where noted. This report is dated March 7, 2024. the BCE 2023 Annual financial statements comprised of the
— The Strategic overview on pages 6 to 68 of this Integrated annual consolidated statements of the financial positions of BCE Inc.
report provides a summary of BCE’s value creation model. This and its subsidiaries as at December 31, 2023 and December 31,
includes the strategy and performance highlights for the period 2022, the related consolidated income statements, statements of
from January 1 to December 31, 2023, as at December 31, 2023. comprehensive income, changes in financial position, equity, cash
There are topics with exceptions to this calendar-year timeframe. flows and the related notes.
Energy consumption, greenhouse gas (GHG) emissions and supplier
engagement performance are based on data from July 1 of the Reporting criteria
previous year to June 30 of the reporting year. Energy savings The sustainability information included in this Integrated annual report
(including electric, hybrid and more fuel-efficient vehicles) and has been prepared in accordance with the Global Reporting Initiative
circular economy performance are based on data from October 1 (GRI) Standards. These standards guide the identification of pertinent
of the previous year to September 30 of the reporting year. issues and their impact on both enterprise value, and on society and
The Commission for Complaints for Telecom-television Services the environment. We also support the Task Force on Climate-related
(CCTS) report is from August 1, 2022 to July 31, 2023. The Key Financial Disclosures’ (TCFD) recommendations, which are designed
Performance Indicator (KPI) for employee engagement is based to help companies provide better information to support informed
on results from the Bell Team Survey which ran from September 11 capital allocation. We provide a summary of our TCFD disclosures
to 26, 2023. on pages 63 to 65 and we address the 11 TCFD recommendations in
— The Strategic overview has been prepared based on the principles our 2023 BCE Climate action report. Furthermore, we measure and
set out in the <IR> Framework. We believe this approach provides a report on select Sustainability Accounting Standards Board (SASB)
useful basis for disclosing how we seek to create sustained value and Sustainable Development Goals (SDGs) metrics. As a signatory
for our stakeholders over time. Integral to the <IR> Framework to the United Nations Global Compact (UNGC) since 2006, we report
are the six forms of “capital” (Our networks, Our customers and our progress in the areas of human rights, labour, environment and
relationships, Our products and services, Our environment, anti-corruption. This report describes the actions we have taken to
Our people and Our financial resources) that serve as inputs to implement the UNGC guidelines and principles, and serves as our
value creation. BCE introduces its capitals within our value creation Communication on Progress (COP). Bell is developing a roadmap to
model (page 25) and references them using icons throughout the increase its alignment to the recently promulgated IFRS Sustainability
Strategic overview and the BCE 2023 Annual MD&A to demonstrate Disclosure Standards in future reports.
how each capital links to our strategy, value creation and risk
management.
(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 <IR> Framework.
2 BCE Inc. 2023 Integrated annual report

Throughout the Strategic overview, visual indicator tags for GRI and 2020 to 2022 GHG emissions
ABOUT THIS REPORT

SASB have been integrated to allow stakeholders to identify where
Our 2020, 2021 and 2022 scope 3 emissions have been restated
information relating to specific disclosure standards is presented. In
following a change in the calculation methodology. The previous
addition, we have provided indices (GRI, SASB, UNGC, SDG and World
database used for GHG emissions calculations from expenditures has
Economic Forum) detailing how we respond to each standard, which
been replaced by the factors in the U.S. CPE – US Environmentally-
are available in our ESG data summary. Some metrics disclosed
Extended Input-Output (USEEIO) model. This update affects
within the Strategic overview do not specifically align with the named
categories 1, 2, 4 and 15 in scope 3. The impact of this recalculation
reporting standards, but rather have been developed internally by
is a decrease in upstream and downstream indirect emissions
Bell to communicate the value created for stakeholders through our
(scope 3) of 2.6% in 2020, 4.7% in 2021 and 3.4% in 2022.
progress on a number of ESG initiatives.
2020, 2021 and 2022 lost time
Format accident frequency rate
This Integrated annual report is available online in English and French. This year, we introduced improved reporting that enables us to
The PDF file is accessible on a standard computer screen, and by most capture only employee-worked hours, no longer including paid
screen readers used by the visually impaired. The document is also time off, in our frequency base. Although the change impacted
mobile-friendly. We strive to make information relevant to our target our frequency rate for previous year results (from 1.11 to 1.20 (+8%)
audiences accessible in this report and via hyperlinks to additional in 2022, from 1,10 to 1,24 (+13%) in 2021 and from 1.15 to 1.31 (+14%) in
documents available on our website. To request this document in 2020), it more accurately reflects the injury rates of our employees
an alternative format, please send a request via this online form. while physically at work.
ESG and sustainability data verification GRI 2-5
Revised targets GRI 2-4
The content of the Strategic overview portion of our Integrated

Network reliability
annual report and all referenced web pages and complementary
reports have been reviewed and approved by Bell directors and vice Network reliability – Fibre-to-the-home (FTTH): Maintain network
presidents who are members of the Corporate Responsibility Board, reliability above 99.99%. In 2022, the Network reliability metric was
which has the responsibility, among others, to embed corporate based on the entire Internet network (FTTH and N-FTTH). In 2023 the
responsibility considerations into corporate and business unit network KPI changed for FTTH only.
strategies, in accordance with our Certification Procedures related
to ESG Disclosures. Customer experience
PricewaterhouseCoopers LLP (PwC) has performed a limited assurance We have moved from a target that aims to reduce the number of Bell
engagement for select ESG metrics. The results are documented in a complaints accepted by the CCTS, to a target that aims to reduce the
limited assurance statement available in the Responsibility section of overall percentage of Bell complaints to the CCTS.
our bce.ca website.
Hazardous waste
Restated data GRI 2-4 We aim to divert 100% of generated hazardous waste to certified
recyclers by the end of 2024. Our target was originally to have this
2022 Network reliability
completed by the end of 2023, but we are now aiming to complete
We restated the 2022 network reliability data to reflect a change on it in 2024.
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 Gender diversity in executive representation
last year to 99.9952% based on 2023 methodology. We maintain a target of 35% representation of gender diversity in
executive positions. As of July 2023, we extended the date to achieve
2022 Capital research and
this goal to the end of 2025. Notably, we have successfully met our
development expenditures
2022 Catalyst Accord and 30% Club commitments(1), achieving over
Our 2022 capital research and development (R&D) expenditure 30% representation. Given these accomplishments, we consider the
has been restated from $587M to $615M as costs in-scope were target reasonable, and the revised timeline aligns with our broader
reassessed as part of ongoing Scientific Research and Experimental commitment and strategy.
Development (SR&ED) activities .
New metrics and targets
2021 and 2022 e-waste recovery
Our networks
Our 2021 and 2022 e-waste recovery data for mobile phones has
been restated to include our Device Return Option collection stream. Network coverage and accessibility – Wireline: Expand our pure fibre
This will result in an increase of 620 mobile phones in 2021, and footprint to 8.3 million locations by the end of 2025.
17,436 mobile phones in 2022.
(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.
3
Explanation of certain climate-related terms, Carbon abatement ratio
ABOUT THIS REPORT
metrics and targets Many Bell technological solutions enable our customers to reduce
Greenhouse gas (GHG) emissions their GHG emissions by optimizing transport, energy use and
asset operations. Audio, video and web conferencing, teleworking,
The Intergovernmental Panel on Climate Change (IPCC) defines GHG
cloud computing, e-billing, e-learning, energy management, fleet
as gases in the atmosphere that absorb and emit radiation at specific
management and tank monitoring are some examples. To understand
wavelengths. This causes an increase in temperature also known
the carbon abatement impact of our solutions we have worked
as the greenhouse effect. The main GHGs are carbon dioxide (CO2),
with Groupe AGECO, a third-party consultant with expertise in GHG
methane (CH4) and nitrous oxide (N2O), but there are other GHGs,
emissions quantification, to develop a methodology that estimates
such as sulphur hexafluoride (SF6), hydrofluorocarbons (HFC), and
the carbon reduction capacity of our products and services used
perfluorocarbons (PFCs). The commonly used unit to measure GHG
by our customers. These estimated benefits are calculated using
emissions is tonnes of CO2 equivalent (tCO2e). To calculate the GHG
the carbon abatement ratio, which represents the GHG emissions
emissions in tCO2e, the individual Global Warming Potential (GWP)
estimated to have been avoided by Bell’s clients through the use of
of GHG must be considered. All GHGs have different characteristics
our technological solutions in comparison to our own operational
that give them a specific lifetime in the atmosphere and radiation
(scope 1 and 2) GHG emissions. To do so, GHG emissions are estimated
absorption properties. The GWP examines these characteristics for
in a business-as-usual case where carbon reduction technology
the emission of a unit of each gas and compares it to the emission of
is not used compared to the case where Bell’s solutions are used.
a unit of CO2. The larger the GWP, the more that a given gas warms the
The avoided GHG emissions correspond to the difference between
Earth compared to CO2 within the same timeframe. The IPCC provides
the emissions estimated to have been generated in a business-as-
GWP values that are used across countries and industries in order to
usual case compared to the case where Bell’s technological solutions
have a unified factor for GHG emissions accounting and comparison.
are used. The emissions generated by Bell in providing solutions to
customers are not deducted from the total carbon abatement of
Scope 1, 2 and 3 GHG emissions
solutions, but are included in our operational emissions. Only the
Scope 1 emissions are direct GHG emissions from sources that are benefits resulting from technologies deployed to Bell’s clients are
controlled by Bell. Scope 2 emissions are indirect GHG emissions considered, i.e., environmental benefits associated with solutions
associated with the consumption of purchased electricity, heating/ implemented within Bell’s own operations are not included. An
cooling and steam required by Bell’s activities. Scope 1 and 2 emissions example of how the calculations were made is provided below:
are sometimes collectively referred to in this report as “operational
emissions”. Scope 3 emissions are all indirect emissions (not included Business-as-usual Physical meeting in one room between
in scope 2) that occur in our value chain, including both upstream scenario two or more participants, including the
and downstream emissions. transportation to the meeting location
By definition, GHG emissions from scope 3 (upstream and downstream Bell’s solution Virtual meeting through a cloud-hosted
indirect emissions) occur from sources owned or controlled by other platform with integrated video and
entities in Bell’s value chain (such as our suppliers, employees and audio conferencing, online presentations,
customers). As a result, measuring scope 3 emissions is more complex shared applications and group document
than measuring scope 1 and scope 2 emissions, for which we are able to editing. Users can share their entire
obtain primary data (such as litres of fuel consumed within our vehicle or part of their desktop, or a specific
fleet and kilowatt-hours of electricity consumed within our buildings). application with a small group of people
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 Carbon abatement GHG emissions avoided from business
data from published databases). These data collection challenges travel for a meeting due to the use of
contribute to uncertainty in scope 3 emissions measurement. 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)

Carbon neutrality The SBTi has approved our three science-based targets in 2022:
ABOUT THIS REPORT

We will measure our carbon neutrality performance based on our — Reduce our absolute operational GHG emissions (scope 1 and 2) 58%
operational GHG emissions (scope 1 and scope 2 emissions in tonnes by 2030, from a 2020 baseline year – in line with a 1.5°C trajectory.
of CO2e) minus GHG emissions offset by carbon credits purchased — Reach 64% of our suppliers by spend covering purchased goods
(in tonnes of CO2e). To be carbon neutral, the total must be equal to and services with science-based targets by 2026.
zero or lower. — Reduce our absolute scope 3 GHG emissions from all categories
In order to achieve our target of carbon neutral operations starting other than purchased goods and services 42% by 2030, from a
in 2025, we expect that we will need to purchase a significant amount 2020 baseline year(1).
of carbon credits to offset our scope 1 and 2 GHG emissions that will In 2022, we recalculated our science-based target for our scope 1
not have been avoided by internal initiatives, in addition to renewable and 2 GHG emissions to reflect restated GHG emissions for our 2020
energy certificates (RECs) to reduce our scope 2 emissions. In 2023, base year. The impact of this recalculation is a targeted reduction of
our scope 1 and 2 emissions represented 12% of our total carbon our absolute scope 1 and 2 GHG emissions of 58% instead of 57% by
footprint. Our target for carbon neutral operations excludes our 2030, from a 2020 baseline year. This recalculation does not impact
scope 3 emissions which represented 88% of our carbon footprint our other science-based targets covering scope 3 GHG emissions.
in 2023. The recalculated target was submitted to the SBTi for approval on
October 20, 2023, with an approval expected in 2024.
Science-based targets
Our science-based targets may need to be further adjusted in the
Science-based targets provide a clearly-defined pathway for future because the SBTi requires that targets be recalculated (following
companies to reduce GHG emissions, aiming to prevent the worst the most recent applicable SBTi criteria and recommendations) at a
impacts of climate change. Targets are considered ‘science-based’ if minimum every five years, or more often if significant changes occur
they are in line with what the latest climate science deems necessary (e.g., business acquisitions/divestitures).
to meet the goals of the Paris Agreement – limiting global warming to
1.5°C above pre-industrial levels. The Science Based Targets initiative Net zero target
(SBTi) brings together a team of experts to provide companies with
BCE’s carbon neutrality is different than, and independent of, the SBTi’s
independent assessment and validation of targets.
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.
(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.
5
Strategic overview
STRATEGIC OVERVIEW Caution regarding forward-looking statements
Caution regarding forward-looking statements

This Strategic overview contains forward-looking statements We have made certain economic, market, operational and other
including, without limitation, statements relating to BCE’s dividend assumptions in preparing the forward-looking statements contained
growth objective, 2024 annualized common share dividend and in this Strategic overview, which include, without limitation, the
dividend payout ratio level, and dividend payout policy target, BCE’s assumptions described in this cautionary statement as well as in
anticipated capital expenditures, network deployment plans and the the subsections of the BCE 2023 Annual MD&A entitled Assumptions,
benefits expected to result therefrom, our transformation initiatives which subsections are incorporated by reference in this cautionary
and restructuring and the benefits expected to result therefrom, statement. Subject to various factors, we believe that our assumptions
our ESG objectives and the benefits expected to result therefrom were reasonable at March 7, 2024. If our assumptions turn out to be
(which include, without limitation, our objectives concerning diversity, inaccurate, actual results or events could be materially different
equity, inclusion and belonging (DEIB), customer experience, energy from what we expect.
savings, circular economy and waste reduction, community
Important risk factors that could cause actual results or events
investment, privacy and information security, network reliability,
to differ materially from those expressed in, or implied by, the
corporate governance and ethical business conduct leadership,
previously-mentioned forward-looking statements and other
reductions in the level of our GHG emissions including, without
forward-looking statements contained in this Strategic overview,
limitation, our carbon neutrality (scope 1 and 2 only) target and our
include, but are not limited to, the risks described in this Strategic
science-based targets, and our carbon abatement objectives), the
Overview as well as in section 9, Business risks of the BCE 2023 Annual
expected impacts on our company of various climate-related events,
MD&A, which section is incorporated by reference in this cautionary
business opportunities that could result from climate change, BCE’s
statement.
business outlook, objectives, plans and strategic priorities, and other
statements that do not refer to historical facts. A statement we make Forward-looking statements contained in this Strategic overview for
is forward-looking when it uses what we know and expect today to periods beyond 2024 involve longer-term assumptions and estimates
make a statement about the future. Forward-looking statements are than forward-looking statements for 2024 and are consequently
typically identified by the words assumption, goal, guidance, objective, subject to greater uncertainty. They assume, unless otherwise
outlook, project, strategy, target, commitment and other similar indicated, that the relevant assumptions and risks described in the
expressions or future or conditional verbs such as aim, anticipate, BCE 2023 Annual MD&A will remain substantially unchanged during
believe, could, expect, intend, may, plan, seek, should, strive and will. such periods.
All such forward-looking statements are made pursuant to the safe We caution readers that the risk factors described in the previously-
harbour provisions of applicable Canadian securities laws and of the mentioned section and in other sections of the BCE 2023 Annual
United States (U.S.) Private Securities Litigation Reform Act of 1995. MD&A are not the only ones that could affect us. Additional risks and
Unless otherwise indicated by us, forward-looking statements in this uncertainties not currently known to us or that we currently deem
Strategic overview describe our expectations as at March 7, 2024 to be immaterial may also have a material adverse effect on our
and, accordingly, are subject to change after that date. Except business, financial condition, liquidity, financial results or reputation.
as may be required by applicable securities laws, we do not We regularly consider potential acquisitions, dispositions, mergers,
undertake any obligation to update or revise any forward-looking business combinations, investments, monetizations, joint ventures
statements, whether as a result of new information, future events and other transactions, some of which may be significant. Except as
or otherwise. Forward-looking statements, by their very nature, otherwise indicated by us, forward-looking statements do not reflect
are subject to inherent risks and uncertainties and are based on the potential impact of any such transactions or of special items that
several assumptions, both general and specific, which give rise to may be announced or that may occur after March 7, 2024. The financial
the possibility that actual results or events could differ materially impact of these transactions and special items can be complex and
from our expectations expressed in, or implied by, such forward- depends on facts particular to each of them. We therefore cannot
looking statements and that our business outlook, objectives, plans describe the expected impact in a meaningful way, or in the same
and strategic priorities may not be achieved. These statements are way we present known risks affecting our business.
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.

Assumptions and risk factors relating to GHG emissions A portion of our GHG emissions reduction targets also depend on
STRATEGIC OVERVIEW Caution regarding forward-looking statements

reduction and supplier engagement targets our ability to implement sufficient corporate and business initiatives
Our GHG emissions reduction and supplier engagement targets are in order to reduce GHG emissions to the desired levels. Failure to
based on a number of assumptions including, without limitation, the implement such initiatives according to planned schedules due
following principal assumptions: to changes in business plans, our inability to implement requisite
— Our ability to purchase a significant amount of high-quality credible operational or technological changes, unavailability of capital,
carbon credits and/or renewable energy certificates (RECs) to offset technologies, equipment or employees, cost allocations, actual costs
or reduce, as applicable, our GHG emissions exceeding anticipated costs, or other factors, or the failure of such
initiatives, including of new technologies, to generate anticipated
— The carbon offset will be permanent and will not be reversed, in
GHG emissions reductions, could negatively affect our ability to
whole or in part, prior to the date of our targets
achieve our GHG emissions reduction targets. In addition, future
— The successful and timely implementation of various corporate and corporate initiatives, such as business acquisitions and organic
business initiatives to reduce our electricity and fuel consumption, growth, could negatively affect our ability to achieve our targets, as
as well as reduce other direct and indirect GHG emissions enablers would the adoption of new technologies that are carbon enablers
— No new corporate initiatives, business acquisitions, business or do not generate the anticipated energy savings.
divestitures or technologies that would materially change our
A refinement in or modifications to international standards or to
anticipated levels of GHG emissions
the methodology we use for the calculation of GHG emissions that
— No negative impact on the calculation of our GHG emissions from
would result in an increase in our GHG emissions could further
refinements in or modifications to international standards or the
impact our ability to achieve our targets. In addition, as it relates
methodology we use for the calculation of such GHG emissions
to our science-based targets specifically, the SBTi requires the
— No required changes to our science-based targets pursuant to recalculation of our targets upon the occurrence of certain events,
the SBTi methodology that would make the achievement of our such as business acquisitions or divestitures, or to conform to
science-based targets, as updated from time to time, more onerous evolving SBTi methodology or standards. A recalculation resulting
or unachievable in light of business requirements in the introduction of more ambitious targets could challenge our
— Sufficient supplier engagement and collaboration in setting ability to achieve such updated targets.
their own science-based targets, no significant change in the
The achievement of our science-based target relating to the level of
allocation of our spend by supplier and sufficient engagement and
our suppliers by spend covering purchased goods and services that
collaboration from the other participants across our whole value
have adopted science-based targets could be negatively impacted
chain in reducing their own GHG emissions
should we fail to achieve the required level of engagement and
The achievement of our carbon neutrality target (which includes collaboration from our suppliers over which we have no control,
only our operational GHG emissions (scope 1 and 2) and excludes despite the engagement measures that we may implement, or should
scope 3 GHG emissions) will require that we purchase a significant we change significantly the allocation of our spend by supplier.
quantity of carbon credits and/or RECs. Should a sufficient quantity
In addition, we have much less influence over the reduction of
of high-quality credible carbon credits and/or RECs be unavailable,
our scope 3 GHG emissions than over our scope 1 and scope 2
should their cost of acquisition be considered too onerous, should
GHG emissions given that we must rely on the engagement and
laws, regulations, applicable standards, public perception or
collaboration of our suppliers and other participants in our value
other factors limit the number of carbon credits or RECs that we
chain in reducing their own GHG emissions. Accordingly, failure
can purchase, should any purchased carbon credits be subject
to obtain our suppliers’ and other participants’ engagement and
to reversal, in whole or in part, or should the carbon offsets not
collaboration could adversely affect our ability to meet our scope 3
materialize, the achievement of carbon neutrality target could be
GHG emissions reduction target.
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.
7
Who we are
STRATEGIC OVERVIEW 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.

Bell for Better

We believe our passion and the way we invest our time and money is making a positive difference. With a focus on
communications, information, entertainment, and innovation, we strive to make an impact.
We look to create a thriving, prosperous and more connected world by investing in our networks – the backbone of today’s digital economy – and
offering our advanced fibre and wireless networks to Canadians in locations large and small, from remote communities to the largest cities.
Aligned with these objectives, we have a year-round focus on mental health initiatives through Bell Let’s Talk, along with our environmental
sustainability programs, and a workforce engaged in the communities where they live and work.
We align our ESG practices to support our purpose to advance how Canadians connect with each other and the world.
Better Better Better

world communities GRI 203-1 workplace
We are investing in a better tomorrow by Because we invest locally, we help As one of Canada’s largest employers,
striving to minimize our environmental strengthen communities across the we support diversity, equity, inclusion
footprint and working to achieve country and contribute to Canada’s and belonging (DEIB) in our workforce
science-based environmental targets. prosperity. This includes our deployment and promote a continuous growth
As we pursue our purpose, our efforts of reliable advanced broadband and mindset. Our award-winning programs
and the products and services we offer wireless networks, and delivery of relevant and recognition culture aim to celebrate
help increase accessibility for all and and timely local news and entertainment the accomplishments of our team members
strengthen privacy safeguards. coverage across Bell Media radio and and increase employee engagement.
television stations. Launched in 2010,
Bell Let’s Talk continues to drive positive
change in mental health.
To learn more about the Bell for Better program and updates on our initiatives, visit the Bell for Better website.
9
Organizational overview
GRI 2-1, 2-6
BCE is Canada’s largest communications company(1), providing advanced Bell broadband Internet, wireless, TV, media and
business communications services to residential, business and wholesale customers for all their communications needs.
BCE’s shares are publicly traded on the Toronto Stock Exchange and on the New York Stock Exchange (TSX, NYSE: BCE).
We are headquartered in Montréal, Québec, Canada.
Our results are reported in two segments: Bell Communication and Leading the way in broadband
Technology Services (CTS) and Bell Media. and media innovation
BCE’s business segments Bell leverages the power of our world-class fibre and wireless
networks to deliver a wide range of innovative products and services
At December 31, 2023
to consumers, businesses and government customers across Canada.
These include mobile data and voice plans for our 4G LTE, 5G and
5G+ wireless networks, Fibe Internet and TV, Wireless Home Internet,
residential and business voice services, cloud-based services,
BCE security solutions, IoT and other business solutions.
Bell Media is Canada’s leading content creation company(2) with premier
assets in television, radio, OOH and digital media. Bell Media partners
with advertisers to help connect brands to consumers through video,
audio, OOH and digital platforms, as well as through our advanced
advertising technology products.
Bell Bell Ethical values supporting a healthy

CtS Media and fulfilling workplace GRI 2-7
Bell is committed to fostering a healthy work environment where
every employee has opportunities to grow, make an impact and feel
like they belong. Our employees are bound by Bell’s Code of Business
Bell CTS provides a wide range of communication products and Conduct, which outlines the core values and standards that team
services to consumers, businesses and government customers across members are expected to uphold and commit to on an annual basis.
Canada. Wireless products and services include mobile data and voice
plans and devices and are available nationally. Wireline products and At the end of 2023, our team consisted of 45,132 employees, an
services comprise data (including Internet access, Internet protocol increase of 522 employees, compared to the 44,610 employees at
television (IPTV), cloud-based services and business solutions), the end of 2022, attributable to the acquisitions of three subsidiary
voice, and other communication services and products, which are companies and external hires. In February 2024, Bell announced
available to our residential, small and medium-sized business and a reduction of 4,800 positions across all levels of the company,
large enterprise customers primarily in Ontario, Québec, the Atlantic representing 9% of BCE’s total workforce. These numbers will be
provinces and Manitoba, while satellite TV service and connectivity reflected in the 2024 Integrated annual report.
to business customers are available nationally across Canada. 2022 employees 2023 employees
In addition, this segment includes our wholesale business, which buys
and sells local telephone, long distance, data and other services from
or to resellers and other carriers, as well as the results of operations of 13% 12%
our national consumer electronics retailer, The Source (Bell) Electronics
Inc. (The Source). Subsequent to year end, Bell Canada announced a
44,610 45,132
strategic partnership with Best Buy Canada to operate 165 The Source
consumer electronics retail stores in Canada, which will be rebranded 87% 88% Communication
as Best Buy Express and offer the latest in consumer electronics from and Technology
Services
Best Buy along with exclusive telecommunications services from Bell. Bell Media
In addition, Bell will wind down The Source head office and back office
operations, as well as close 107 The Source stores. BCE’s Board and management believe that strong corporate
Bell Media provides conventional TV, specialty TV, pay TV, streaming governance practices contribute to superior results in creating and
services, digital media services, radio broadcasting services and maintaining shareholder value. That is why we continually seek to
out-of-home (OOH) and advanced advertising services to customers strengthen our leadership in corporate governance and ethical
nationally across Canada. Revenues are derived primarily from business conduct by adopting best practices and providing full
advertising and subscriber fees. transparency and accountability to our shareholders. The Board
is responsible for the supervision of the business and affairs of the
Corporation.
(2) CRTC statistical analysis released annually confirms high levels of investment in Canadian content by Bell Media, including Canadian Programming Expenditures (CPE) and Canadian
Content Development (CCD) expenditures, including in the most recent analysis.

BCE 2023 at a glance

Our Our customers Our products Our Our Our financial
networks and relationships and services environment people resources
99.9952% MyBell $684M Science‑

based targets
Top 100
employer $2.3B
Maintained a MyBell app Approximate Added
network reliability named the Best amount invested Scope 1, 2 and 3 Recognized as one sustainability‑linked
level of 99.9952% Telecommunication in research and science-based of Canada’s Top pricing to $2.3B
during the year(1) Mobile app development in targets by 100 Employers securitization
6 consecutive capital expenditures 2026 and 2030 for the 9th year program and
years (2) in 2023 approved by SBTi(3) in a row(4) entered into our first
sustainability‑linked
derivatives
86% −6% 5.2×

× Carbon neutral
Carbon neutral
Awarded the
Excellence 29.5%
5G network covers Decrease in Bell technologies operations (scope 1 Canada: Order Shareholder return
86% of the Canadian industry share enable GHG from 2019 to 2023(7)
population(1) of complaints abatement that
and 2 only) of Excellence
starting in 2025(3)
accepted by the is 5.2 times Bell’s for Mental Health at
Commission for operational Work for workplace
Complaints for GHG emissions (3) (5) mental health
Telecom-television program and
Services results(6)
633,000 $155M 38,400+ 2,953,523 66% 3.1%

We expanded our Bell expects to Hours of original E-waste customer Black, Common share
pure fibre network reach its total content produced devices recovered Indigenous and dividend increase
current commitment
to an additional
of $155 million to
in 2023 in 2023(1) Persons of for 2024
633,000 homes and
Canadian mental Colour (BIPOC)
businesses in 2023 (1) representation
health by 2025
among new grad
and intern hires(1) (8)
142% $70M 45% ISO 14001

& 50001 73% $5.8B
This year, we Spent $70M with of all English- Overall team BCE’s balance sheet
observed a 142% certified diverse language Environmental member is supported by a
increase in reported suppliers entertainment & Energy engagement score(1) healthy available
phishing simulations programs Management liquidity position
from fully trained commissioned are Systems of $5.8 billion at
employees led by BIPOC or ISO-certified the end of 2023(9)
creatives from other
equity-seeking
communities
(1) PwC provided limited assurance over this indicator. See PwC’s assurance statement.
(2) In August 2023, Bell Canada’s “MyBell App’’ was recognized as Best Telecommunication Mobile Application at the MobileWebAwards, hosted by the Web Marketing Association (WMA).
This award recognizes the individual and team achievements of web professionals all over the world who create and maintain outstanding mobile websites and mobile applications.
(3) For more information on these targets and metrics, including related risks and assumptions, please refer to “About this report” and to the sections of this Strategic overview entitled
“Caution regarding forward-looking statements”, “Our products and services – Contributing to a better world through our products and services” and “Our environment – Climate change”.
(4) Bell was recognized as one of “Canada’s Top 100 Employers” in the years 2016 to 2024 by Canada’s Top 100 Employers, an editorial competition organized by Mediacorp Canada Inc., a
publisher of employment periodicals. Winners are evaluated and selected based on their industry leadership in offering exceptional workplaces for their employees. Employers are
compared to others in their field to determine which offers the most progressive and forward-thinking programs.
(5) The quantification of Bell’s carbon abatement ratio is based on 2020 data.
(6) Excellence Canada, an independent not-for-profit corporation dedicated to advancing organizational performance across Canada, awarded Bell Canada the Order of Excellence for
Mental Health at Work. This certification recognizes Bell’s mental health at work best practices, benchmarked against world-class organizations, and the demonstrated impact of Bell’s
mental health focus over several years.
(7) Shareholder return is defined as 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.
(8) 2023 BIPOC representation data for new grads and intern hires includes self-identification questionnaire data and recruitment diversity data.
(9) Available liquidity is a non-GAAP financial measure. It does not have any standardized meaning under IFRS. Therefore, it is unlikely to be comparable to similar measures presented by
other issuers. Refer to section 11, Non-GAAP financial measures, other financial measures and key performance indicators (KPIs) of the BCE 2023 Annual MD&A for more information
on this measure, including a reconciliation of available liquidity to cash as the most directly comparable IFRS financial measure.
11
Leadership and recognition
Leadership
At BCE, we believe that adhering to recognized frameworks helps our stakeholders better understand our efforts.
The following are the frameworks and standards we follow or support, as well as some indices in which we are listed.
United Nations Global Compact (UNGC)

BBCE has been a signatory of the UNGC since 2006, embracing the 10 principles around Human Rights, Labour,
Environment and Anti-Corruption.
To learn more, see our ESG data summary.
Global Reporting Initiative (GRI)

We have reported according to the GRI since 2012.
Sustainability Accounting Standards Board (SASB)

We have reported according to the SASB since 2017.
United Nations Sustainable Development Goals (UNSDG)

We have been reporting on the UNSDG since 2015.
International Sustainability Standards Board (ISSB)

We support the ISSB and we are part of the International Financial Reporting Standards (IFRS)
Sustainability Alliance, which supports the ISSB.
Integrated Reporting Framework (<IR>)

We follow the key principles of the (<IR>) Framework through our Integrated annual report by actioning on our
value creation model and capitals that drive value for all stakeholders.
Certified ISO 14001 for our Environmental Management System

Certified ISO 14001 for our Environmental Management System since 2009, the 15th consecutive year, and the
first communications company in North America to be certified(1).
Certified ISO 50001 for our Energy Management System

Certified ISO 50001 for our Energy Management System since 2020, the fourth consecutive year, and the first
communications company in North America to be certified(2).
Certified ISO 9001 for our Project Management

Certified ISO 9001 for our Project Management within our domains of Telecommunications, Information
Technology and other Emerging Technologies since 2000.
Science-Based Targets
We have three SBTi-approved science-based targets to reduce our greenhouse gas emissions.
To learn more, see our Climate Change section in this Strategic overview(3).
(1) Our ISO 14001 certification covers Bell Canada’s oversight of the environmental management system associated with the development of policies and procedures for the delivery of
landline, wireless, TV and Internet services, broadband and connectivity services, data hosting, cloud computing, radio broadcasting and digital media services, along with related
administrative functions.
(2) Our ISO 50001 certification covers Bell Canada’s energy management program associated with the activities of real estate management services, fleet services, radio broadcasting and
digital media services, landline, wireless, TV and Internet services, connectivity, broadband services, data hosting and cloud computing, in addition to related general administrative
functions. Bell is the first communications company to be certified in North America.
(3) The Science-Based Targets initiative (SBTi) has approved our three science-based targets in 2022. On October 20, 2023 we submitted our recalculated target for scope 1 and 2 for
reapproval.

Task Force on Climate-related Financial Disclosures (TCFD)
We have reported on the TCFD since 2020.
To learn more, see our Climate-related risks and opportunities disclosures summary in this Strategic overview
and our Climate action report.
Certified ISO and International Electrotechnical Commission (IEC) 27001

ISO/IEC 27001:2013
Certified ISO and International Electrotechnical Commission (IEC) 27001

MANAGEMENT SYSTEM
MSECB
CERTIFIED
Certified ISO and IEC 27001 for our information security management in our residential subsidiary operations,
Bell Technical Solutions, since 2019.
FTSE4Good Index Series

BCE is a constituent company in the FTSE4Good Index Series, which is designed to identify companies that
demonstrate strong ESG practices measured against globally-recognized standards.
Institutional Shareholder Services (ISS) ESG Prime

As of February 2024, BCE is rated as Prime according to ISS. Companies are categorized as Prime if they
achieve/exceed the sustainability performance requirements (Prime threshold) defined by ISS ESG for a specific
industry (absolute best-in-class approach) in the ESG Corporate Rating. The ISS ESG Prime logo serves as an
indicator of the quality of a company’s performance in the area of corporate responsibility.
Jantzi Social Index (JSI)

BCE is a constituent of the JSI, which was launched in partnership with Dow Jones Indices. It is a socially screened,
market capitalization-weighted common stock index modeled on the S&P/TSX 60 consisting of 50 Canadian
companies that pass a broad set of ESG criteria.
Euronext Vigeo World 120 index

BCE is a constituent of the Euronext Vigeo World 120 index. This index was developed by Euronext and composed
of the top 120 companies recognized for their outstanding ESG practices, selected from among the largest 1,500
companies in terms of market capitalization that are headquartered in Europe, the U.S., or the Asia-Pacific region.
To learn more about our partnerships in corporate responsibility, see our complementary report Our corporate responsibility approach.
13
Recognition
We were recognized by a variety of organizations for our initiatives in 2023:
Ookla Speedtest Awards: Canada’s fastest Internet and Wi-Fi

Bell pure fibre was awarded Canada’s fastest Internet and ranked fastest Wi-Fi in Ookla’s Speedtest Awards reports for
Q1-Q2 and Q3-Q4 2023.
BrandSpark: Canada’s Most Trusted High Speed Internet Service Provider

Voted most trusted High Speed Internet Provider brand by Canadian shoppers based on the 2023 BrandSpark
Canadian Trust Study.
Global Wireless Solutions (GWS): Canada’s best and fastest 5G network

For the second time in a row, Ookla ranked Bell’s pure fibre as Canada’s fastest Internet and Wi-Fi, and for the third
year in a row, GWS ranked Bell’s 5G as Canada’s fastest and best 5G network. New this year, GWS measured Canada’s
national 5G networks with 3500 MHz wireless spectrum, confirming that Bell’s 5G+ network is Canada’s fastest and best.
GWS conducts the most comprehensive drive test of wireless networks in Canada and reconfirmed that Bell’s network
outperforms all other national wireless networks.
Webby People’s Voice Award – MyBell App

The MyBell, Virgin Plus My Account and Lucky Mobile MyAccount mobile apps won a number of awards in 2023.
This includes the prestigious Webby People’s Voice Award for the MyBell app. The MyBell app was recognized from
among nearly 14,000 entries from over 70 countries, captivating users and industry experts with its unique combination
of innovative self-serve tools, such as machine learning-based Virtual Repair and Wi-Fi Checkup, along with sales and
account management capabilities.
Canada’s Top 100 Corporate R&D Spenders

Research InfoSource Inc., an independent R&D analyst firm, ranked Bell 7th on its 2023 list of Canada’s top 100 investors
in research and development based on dollars invested for 2022.
Corporate Knights: Canada’s Best 50 corporate citizens of 2023 – Rank 20

In June 2023, Corporate Knights, a sustainable-economy media and research company, ranked BCE 20th in Canada
overall, on its Best 50 Corporate Citizens list. The annual Corporate Knights ranking evaluated 332 of the largest
Canadian companies on a set of 25 ESG indicators to single out the Best 50 that Corporate Knights considers “the
vanguard of corporate sustainability leadership in Canada.”
Corporate Knights: Global 100 2024 – Rank 51

In January 2024, Corporate Knights ranked BCE 51st overall, and first in our sector and industry, in its 2024 ranking
of the World’s 100 Most Sustainable Corporations. The ranking is based on an assessment of more than 6,000 public
companies with revenue over US$1 billion. All companies are scored on applicable metrics relative to their peers, with
50% of the weight assigned to sustainable revenue and sustainable investment.
Corporate Knights: Clean200 – Rank 65

In February 2023, Corporate Knights and As You Sow ranked Bell 65th on 2023 annual Clean200 list, ahead of our
Canadian telecom competitors. The ranking is based on an assessment of more than 6,200 global firms which are
evaluated based on their clean revenues and screened against social and environmental criteria. The Clean200 list
highlights companies that are leading the energy transition, and place sustainability at the core of their business.
CDP: within “Leadership Band” for 8th year in a row (A- score)
In 2023, Bell obtained an A- score from the CDP (formerly known as the Climate Disclosure Project), ranking us in the
“Leadership Band” for the eighth consecutive year. CDP thus recognizes our leadership on climate action, our alignment
with current best practices and the transparency of our climate-related disclosures. CDP is a non-profit organization
that gathers information on climate-related risks and opportunities from organizations worldwide.
Clean50: Top Projects 2024

Bell’s halocarbon free, energy-efficient computer room cooling project was named a 2024 Clean50 Top Project award
winner. The Clean50 Top Projects awards are primarily managed by Delta Management Group. The awards annually
recognize projects completed in the prior two years based on their innovation, and their ability to inform and inspire
Canadians.

Excellence Canada: Order of Excellence for Mental Health at Work
In December 2022, Excellence Canada, an independent not-for-profit corporation dedicated to advancing organizational
performance across Canada, awarded Bell Canada the Order of Excellence for Mental Health at Work. This certification,
issued every two years, recognizes Bell’s mental health at work best practices, benchmarked against world-class
organizations, and the demonstrated impact of Bell’s mental health focus over several years.
Canada’s Top 100 Employers for 9th year in a row

Bell was recognized as one of “Canada’s Top 100 Employers” in the years 2016 to 2024 by Canada’s Top 100 Employers,
an editorial competition organized by Mediacorp Canada Inc., a publisher of employment periodicals. Winners are
evaluated and selected based on their industry leadership in offering exceptional workplaces for their employees.
Employers are compared to others in their field to determine which offers the most progressive and forward-thinking
programs.
Canada’s Top Family-Friendly Employers for 5th year in a row

Bell was recognized as one of “Canada’s Top Family-Friendly Employers” in the years 2020 to 2024 by Canada’s
Top 100 Employers. Winners are evaluated and selected based on the programs and initiatives offered to help
employees balance work and family commitments, when compared to other employers in the same field.
Montréal’s Top Employers for 12th year in a row

Bell was recognized as one of “Montréal’s Top Employers” in the years 2013 to 2024 by Canada’s Top 100 Employers.
Winners are evaluated and selected based on progressive and forward-thinking programs offered in a variety of areas,
when compared to other organizations in the same field.
Bell Technical Solutions receives 2023 Employment Equity Achievement Award –

Recognized for leadership in equity and diversity
Bell Technical Solutions (BTS) was recognized by the Minister of Labour and Seniors for its Outstanding Commitment to
Employment Equity as part of the 2023 Employment Equity Achievement Awards. The award honours companies that
have demonstrated leadership in the implementation of their equity plans to remove employment barriers, as well as
adopt special measures and accommodations to correct underrepresentation of people in designated groups.
Canada’s Top Employers for Young People for 7th year in a row
Bell was recognized as one of “Canada’s Top Employers for Young People” in the years 2018 to 2024 by Canada’s
Top 100 Employers. Winners are evaluated and selected based on the programs offered to attract and retain young
employees, when compared to other employers in the same field.
Canada’s Greenest Employers for 7th year in a row

Bell was recognized as one of “Canada’s Greenest Employers” in the years 2017 to 2023 by Canada’s Top 100 Employers.
Winners are evaluated and selected based on the development of sustainability initiatives and environmental leadership,
when compared to other employers in the same field.
WBE Canada’s 2023 Top Corporation in Supplier Diversity

In November 2023, Bell was recognized as one of the top corporations in supplier diversity by the Women Business
Enterprises Canada Council (WBE Canada). The award honours companies that have created opportunities for Women
Business Enterprises (WBEs) in their supply chains and are helping drive Canada’s economic recovery and growth.
15
Our financial performance
Financial and operational highlights

The Bell team provided communications technologies in 2023 that enhanced the connectivity of Canadians.
These connections form the foundation for BCE’s long-term success.
7.4% 3.1% 16
Dividend yield Increase in dividend Consecutive years
in 2023(1) per common share of dividend growth
for 2024
2023 financial performance Actual Target
Revenue growth † 2.1% 1% to 5%
Adjusted EBITDA(2) growth † 2.1% 2% to 5%
Net earnings growth † (20.5%) Not applicable
Capital intensity(3) 18.6% 19% to 20%
Net earnings per share (EPS) growth † (23.5%) Not applicable
Adjusted net earnings per share (adjusted EPS) (2) growth † (4.2%) (7%) to (3%)
Cash flows from operating activities growth † (5.0%) Not applicable
Free cash flow (2) growth † 2.5% 2% to 10%
† Compared to 2022.
(1) Annualized dividend per BCE common share divided by BCE’s share price at the end of the year.
(2) 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-GAAP financial measures, other financial measures and key performance indicators (KPIs) of
the BCE 2023 Annual MD&A for more information on these measures including, in the case of adjusted EBITDA, a reconciliation to net earnings as being the most directly comparable
IFRS financial measure and for free cash flow, a reconciliation to cash flows from operating activities as being the most directly comparable IFRS financial measure.
(3) Capital intensity is defined as capital expenditures divided by operating revenues.

Connecting Canadians with advanced technology services and media

Bell team members continue to champion the customer experience as we deliver advanced networks,
technology services and compelling content to individuals, families, communities, businesses and
governments across Canada. Our strong focus on the resiliency and capacity of our world-class fibre
broadband, television and wireless services and making it easier to do business with Bell enabled solid
subscriber growth in retail Internet, Internet Protocol television (IPTV) and wireless in 2023.
24.72M
Total Bell consumer,
business and wholesale
customer connections
BCE retail subscribers (millions) 2023 2022 Change
Mobile phone(1) 10.29 9.95 3.4%
Mobile connected device(1) 2.73 2.45 11.4%
Internet (2) (3)(4)(5) 4.47 4.26 5.0%
IPTV (2) (3)(5) 2.07 1.99 4.1%
Satellite TV (2) 0.65 0.76 (14.2%)
Residential telephone services (2) (3)(5)(6) 2.02 2.19 (7.7%)
Total 22.24 21.60 3.0%
(1) In Q1 2023, we adjusted our mobile phone and mobile connected device subscriber bases to remove older non-revenue generating business subscribers of 73,229 and 12,577, respectively.
(2) Excludes wholesale customers.
(3) In Q2 2023, our Internet, IPTV and residential telephone services subscriber bases increased by 35,080, 243 and 7,458 subscribers, respectively, as a result of small acquisitions.
(4) In Q1 2023, subsequent to a review of customer account records, our Internet subscriber base was reduced by 7,347 subscribers.
(5) In Q4 2022, as a result of the acquisition of Distributel, our Internet, IPTV and residential telephone services subscriber bases increased by 128,065, 2,315 and 64,498 subscribers, respectively.
(6) Excludes business telephone services.
17
Message from the Chair of the Board
STRATEGIC OVERVIEW Message from the Chair of the Board
GRI 2-22
This year, we connected even more

Canadians to our leading fibre
and wireless networks – critical to
Canada’s innovation pipeline and
future economic growth.
Gordon M. Nixon
Chair of the Board
BCE Inc.
Transformation driving value for the BCE group of companies

Bell’s purpose is to advance how Canadians connect with each To continue delivering on our purpose in the future, this year,
other and the world. We are proud that through our world-class Bell embarked on a transformation journey from a traditional
fibre and wireless networks, people are able to connect with telecommunications company to a technology services and
one another, be productive, and stay informed and entertained digital media leader. By exploring new and emerging areas of
each and every day. growth, we are crafting a roadmap for resiliency in the context
of a complex and rapidly-changing environment.
This year, we expanded our reach, connecting even more
Canadians to our leading fibre and wireless networks – critical Bell for Better
to building Canada’s innovation pipeline and future economic
prosperity for people, businesses and communities. We recognize that our impact and reach as a company goes
far beyond our core communications and media businesses.
We are committed to enhancing customer experiences by As one of Canada’s largest companies, we have an important
simplifying interactions through digital solutions for both role to play in building better communities and a better future.
our residential and enterprise clients, all while driving cost
efficiency. Bell continues to make strides in reducing its environmental
footprint. We are focused on our efforts to meet our ambitious
Bell Media continues to deliver some of Canada’s most emissions reduction targets and we continue to work to build
compelling entertainment, sports and news content. upon our environmental protection efforts.
Understanding Canadians’ shifting media consumption habits,
we continue to pivot toward digital-first media experiences to
meet the dynamic needs of our audiences.

STRATEGIC OVERVIEW Message from the Chair of the Board
In 2024, we are increasing our common share dividend by 3.1% to $3.99
effective with the Q1 2024 payment on April 15, 2024. This is our 16th
consecutive year of uninterrupted dividend growth.
Our dedication to mental health awareness is delivering real Board update

results. Since 2010, Bell Let’s Talk has become the world’s
The BCE Board continues to uphold the strongest principles of
largest conversation about mental health, and Bell expects
governance excellence. As Chair, I am immensely proud that
to reach its current mental health funding commitment
we were ranked the fourth best-managed corporate board in
of $155 million by the end of 2025.
Canada by the Globe & Mail for 2023.
In April 2023, after extensive consultation with persons with
In November 2023, we welcomed Johan Wibergh as a director on
disabilities, we launched the first company-wide accessibility
the BCE Board. Johan brings extensive experience as the former
plan. This plan will allow BCE to identify, prevent and remove
Chief Technology Officer of Vodafone and as former EVP & Head
barriers to accessibility in support of the principles set out in
of Business Unit Networks for Ericsson. His leadership and
the Accessible Canada Act. expertise will fortify our transformational journey.
Our progress in contributing to a better world has not gone
unnoticed. Early in 2024, Corporate Knights named Bell the The road ahead
most sustainable communications company in the world in its Despite our success over the past year, challenges remain.
Global 100 Most Sustainable Corporations ranking. Regrettably, recent decisions from the federal regulator are
Mediacorp ranked us one of Canada’s Top 100 Employers already having a negative impact on our future investment
for the ninth year in a row, and Bell Technical Solutions was in communities across our footprint. As we continue to connect
honoured with an Outstanding Commitment to Employment more Canadians, we need a public policy environment that
Equity award by Employment and Social Development Canada. supports and encourages private investment in network
infrastructure.
Shareholder returns In the year ahead, we will navigate the economic and
I am pleased by the progress we made in 2023. Our performance regulatory environments, while strengthening the pillars of
underscores the critical importance of balancing near-term and our transformation and executing on our strategic priorities.
long-term priorities to deliver for our shareholders, positioning On behalf of the Board, thank you to our shareholders.
us to seize upon future opportunities for growth. I trust you share our confidence in the future direction of the
In 2024, we are increasing our common share dividend by 3.1% to BCE group of companies as we continue on our transformation
$3.99 effective with the Q1 2024 payment on April 15, 2024. This is journey to a technology services and digital media leader.
our 16th consecutive year of uninterrupted dividend growth.
Gordon M. Nixon
Chair of the Board
BCE Inc.
19
Message from the President and CEO
STRATEGIC OVERVIEW Message from the President and CEO
GRI 2-22
The Bell team takes pride in delivering

on our commitments – making
the necessary near-term decisions
to deliver for our shareholders,
while at the same time putting in place
the foundation that will position us
for long-term growth.
Mirko Bibic
President and
Chief Executive Officer
BCE Inc. and Bell Canada
Looking back on a year of progress,

looking forward to future opportunities
Bell’s purpose is to advance how Canadians connect with each In 2023, Bell expanded its pure fibre network by 633,000 home
other and the world. and business locations, and we expanded 5G and 5G+ coverage
to 86% and 51% of the Canadian population, respectively.
For 144 years, we have delivered on this purpose thanks to our
Fuelled by our fibre footprint, we grew broadband Internet
agility in the face of changing market dynamics and shifts in the
market share faster than any of our peers over the last year.
economic and regulatory environments, forging pathways to
greater innovation and progress. We have accomplished all of this while offering greater
affordability for our customers. Over the last year, prices for
Today, we are accelerating our transformation from a traditional
wireless and Internet services fell nationally, while the overall
telecommunications company to a technology services and
cost of living increased.
digital media leader. We are charting new growth areas,
igniting opportunities for our customers, our communities,
Putting customers first
our shareholders and our team members.
Bell outperformed other national service providers in the
The Bell team takes pride in delivering on our commitments –
2022–2023 Commission for Complaints for Telecom-television
making the necessary near-term decisions to deliver for
Services (CCTS) annual report for the eighth consecutive year
our shareholders, while at the same time putting in place the
with a 6% reduction in the overall share of complaints over
foundation that will position us for long-term growth.
the previous year.
Investing in our networks, delivering lower prices Bell continues to embrace cutting-edge digital solutions and
automation, redefining service excellence and driving cost
Our capital expenditures totalled $4.58 billion in 2023.
savings while giving customers greater control and flexibility
Since 2020, Bell has invested nearly $19 billion to connect more
over how they purchase, access and make changes to their
Canadians to our pure fibre network, expand the reach of our
services through the award-winning MyBell app. Our self-serve
5G and 5G+ wireless networks and enhance the reliability and
Virtual Repair tool with Wi-Fi Checkup has reached a milestone
resiliency of our networks for customers.
one million sessions.

STRATEGIC OVERVIEW Message from the President and CEO
Today, we are accelerating our transformation from a traditional
telecommunications company to a technology services and digital media leader.
We are exploring new areas of growth and new opportunities for our customers,
our communities, our shareholders and our team members.
Announced in early 2024, our partnership with Best Buy Canada health services, and gifted $1 million to IWK Health in Halifax for a
to rebrand 165 The Source stores to Best Buy Express brings dedicated mental health space in the children’s hospital’s emergency
together Bell’s award-winning mobility and Internet offerings department, in addition to other grants through our Bell Let’s Talk
with Best Buy’s leading consumer electronics retail expertise Community Fund, Diversity Fund and Post-Secondary Fund.
to deliver the best of all worlds for Canadian consumers –
Building a safe, supportive and inclusive workplace for our team
the latest milestone in our channel transformation strategy.
remains a priority. We offer unlimited mental health support
Our acquisition of FX Innovation and our collaboration with to our team members and, this year, expanded other benefits to
ServiceNow, along with our relationships with the world’s leading meet the changing needs of a modern workforce.
cloud providers and cybersecurity companies, are helping
to accelerate our transformation and enable us to be more Looking ahead to 2024 and beyond
responsive to the evolving needs of our enterprise customers with The future is not without challenges.
cloud-based services, workflow automation and security solutions.
The Canadian and global economies are facing growing
The best content, live and on-demand headwinds with persistent high inflation and interest rates.
The CRTC decision to mandate access to Bell’s fibre network
Bell Media continues to deliver some of the country’s most-
in Québec and Ontario is already having an impact on our future
watched content in English and French – when, where and how
investment strategy. The implementation of a new broadcasting
Canadians want it.
framework is not happening fast enough as the industry
2023 was the most watched year in Crave’s history. We introduced undergoes significant upheaval.
new ad-supported tiers and announced the distribution of Crave
Moving forward, we will shift our focus away from highly-regulated
on Amazon Prime Video Channels coming later in 2024.
parts of our business. We have embarked upon a restructuring
We also signed a new long-term content agreement with Warner effort to ensure our operating model and cost structure align
Bros. Discovery, securing Crave’s place as the home of HBO and with customer expectations and our transformation objectives.
Max content in Canada. While this process is not an easy one, it is what we need to do to
become more agile in a rapidly-changing landscape.
Our pending acquisition of OUTFRONT Media’s Canadian
operations will expand our presence in the out-of-home In 2024, we will continue to invest in new areas of growth –
advertising market once the transaction closes. Meanwhile, like cloud and security services and advanced advertising.
advances in Addressable TV and Addressable Radio provide A successful transformation to a tech services and digital media
a personalized experience to viewers and more value to leader will allow us to remain competitive, deliver solid financial
advertisers. results and position us for sustained growth moving forward.
This is where our focus is and where it will remain.
Bell Media’s transformation to a digital media company is a
necessary step in the face of challenging advertising market On behalf of the Bell team, thank you to our customers and
conditions, competition from foreign streaming giants and shareholders. Your support is integral to our success.
shifting consumer preferences. Our strategic shift to digital is
paying off; 35% of our media revenues are now from digital,
up from 14% just four years ago.
Driving community impact, building the best team Mirko Bibic

President and Chief Executive Officer
Our commitment to mental health awareness across Canada
continues. On Bell Let’s Talk Day and throughout the year,
we support mental health organizations providing care in their
communities. Notably, we committed $15 million to the Kids Help
Phone Feel Out Loud campaign to expand access to its e-mental
21
External operating context
STRATEGIC OVERVIEW External operating context
GRI 2-6, 3-2
Macroeconomic and global trends play an important role in determining how our industry evolves. We strive to ensure
that our understanding of these trends informs our strategic imperatives and value creation process, and helps shape the
way we interact with our customers, team members, shareholders and society at large. The following is an examination
of these trends.
Trends What they involve Bell’s approach
5G network The industry-wide expansion of 5G networks continues to To learn more about our initiatives and
infrastructure drive customer demand for the products and services this new how we are integrating 5G considerations
technology enables. Following full deployment over the next into our business operations and priorities,
few years, 5G capabilities will enhance the lives of Canadians with see the Our networks section in this
new applications such as multi-access edge computing, immersive Strategic overview, and section 2.1, Build
video and gaming, remote telehealth and self-driving vehicles. the best networks, section 3.2, Business
outlook and assumptions and
section 5.1, Bell Wireless – Competitive
landscape and industry trends in the
BCE 2023 Annual MD&A.
Technological Telecommunication technology continues to evolve rapidly across To learn more about our approach and
evolution and both the wireline and wireless fronts. Innovations across fibre role in innovation, see the Our networks
innovation infrastructure, IoT and smart technology are meeting new demands and Our products and services
to deliver both societal and environmental benefits. sections in this Strategic overview,
and sections 2.2, Drive growth with
innovative services and 3.2, Business
outlook and assumptions, in the BCE 2023
Annual MD&A.
Artificial intelligence Bell is committed to ensuring the responsible development To learn more about how Bell is
(AI) and use of AI technologies. Our responsible approach to the addressing risks associated with AI
development and use of AI aligns with Bell’s ethics, privacy, and development and deployment, see our
security requirements and broader ESG objectives. This will support Responsible artificial intelligence policy.
customer, employee, and other stakeholder confidence in this
important technology.
Bridging the Access to reliable and affordable high-speed Internet has become To learn more about how Bell is
digital divide a key driver of societal well-being. As such, there is a growing addressing the digital divide through
determination by telecommunications providers, governments increasing our network coverage and
and other organizations to improve the reliability of and access reliability, see the Our networks and
to wireline and wireless services. Our customers and relationships sections
in this Strategic overview.
Energy consumption Consensus among the international scientific community is that To learn more about how Bell is
and climate change GHG emissions, especially CO2, are major contributors to climate identifying and seeking to manage its
change. Companies across all industries should be focused on climate-related risks and opportunities,
helping fight climate change and safeguard against its threat see the Risk management section of
through mitigation, adaptation and resilience. our Climate action report. To read about
our climate-related initiatives, see the
Our environment section in this Strategic
overview, and to learn more about how
we are helping customers fight climate
change and adapt to its impacts, see the
Our products and services section in this
Strategic overview.

Trends What they involve Bell’s approach
Privacy and The increasing use of, and reliance on, digital systems, as well as To learn more about our privacy and
information the importance of protecting personal information and privacy information security practices, see
security in regard to wireless, Internet and media services has drawn the Our networks and Our products
the attention of lawmakers and customers. Changes to privacy and services sections in this Strategic
laws have been proposed in a number of Canadian jurisdictions. overview.
There has also been increased interest in, and scrutiny of, the use,
collection, and disclosure of personal information in Canada.
Corporate Society, regulators, governments, employees and others have To learn more about our corporate
responsibility heightened expectations concerning the role of companies responsibility performance, read this
in society and the way in which they operate. This includes Strategic overview and the documents
incorporating ethical business practices and contributing to positive available in the Responsibility section of
socioeconomic impacts. Globally, many companies are showcasing BCE’s website.
their approach to corporate responsibility through self-regulation
and the integration of social accountability within their business
models. The disclosure of corporate responsibility performance
is becoming extensively scrutinized by various stakeholders as they
expect consistent, factual and balanced information.
Diversity, equity, Increasingly, investors, customers and employees expect To learn more about how Bell supports
inclusion and companies to demonstrate how they address DEIB to foster an DEIB in the workplace and through our
belonging equitable workplace and contribute to a more equitable society. community initiatives, see the Our people
Companies must actively identify and address inequality issues, and Our customers and relationships
implement strategies that promote enhanced representation, sections in this Strategic overview.
and disclose DEIB-related policies, objectives and performance.
Regulatory Increased federal regulation in both the telecommunications and To learn more about how the regulatory
broadcasting areas of Bell’s business is having an impact on the environment affects network investment
company’s external operating context. The CRTC’s decision to and the funding of compelling content,
mandate reseller access to Bell’s fibre network is already adversely see the Our customers and relationships
affecting continued investment in network expansion. The long and Delivering compelling, original
overdue implementation of a new broadcasting framework is and meaningful content sections of the
moving too slowly – putting our ability to fund Canadian content Strategic overview.
and news at increased risk. In the meantime, foreign streaming
giants continue to operate on an uneven playing field with
traditional broadcasters.
23
Stakeholder engagement and key ESG topics
GRI 2-29, 3-1, 3-2, 3-3
A key aspect of stakeholder engagement is establishing mechanisms The results of the survey demonstrated that our value creation
through which we can capture key internal and external stakeholder model and our Bell for Better initiatives are aligned with the priorities
opinions and input to support the mapping of priorities and identified by our stakeholders, as seen in the table below. We have
decision-making. further developed our disclosures on business ethics and ethical
media practices in response to stakeholder interest toward these
In 2023, we refreshed our latest corporate responsibility priority
topics. Additionally, this assessment allowed us to identify an
assessment, conducted in 2021, by surveying stakeholders for their
emerging priority for stakeholders: biodiversity and ecosystems,
opinion on the importance of corporate responsibility topics with the
which will be further considered in the years to come. We plan to
greatest potential influence on BCE’s enterprise value, on society, and
repeat this exercise in the future to continue evaluating emerging
on the environment. The stakeholders included customers of each of
trends that create value for Bell as well as for society and the
our service lines, team members representing various geographies
environment.
and levels throughout BCE, investors, suppliers, governmental groups,
non-profit organizations, local and Indigenous community partners, Our corporate responsibility approach supports our corporate
and academic institutions. To identify these stakeholders, we followed strategy and policies throughout the organization. Through
the guidelines and standards of the GRI, as further outlined in the stakeholder engagement and our own internal processes, we
complementary report Our corporate responsibility approach. This monitor ESG issues and opportunities and set objectives for
survey is just one way in which we engage our stakeholders on an priority issues to enhance sustainability performance.
annual basis.
This table illustrates the link between our Corporate Strategy and our priority ESG topics:
Capital ESG topic Target Strategic imperative
Our Network coverage and reliability ✪

networks
Data privacy ✪
Information security ✪
Our customers Customer service and satisfaction ✪

and relationships
Community investment and partnerships ✪
Responsible procurement through suppliers –
Business ethics –
Bridging the digital divide ✪
Our products Enabling transition to a low-carbon economy ✪

and services
Ethical media practices –
Producing original content –
Our Climate change ✪

environment
Energy management ✪
Circular economy ✪
Biodiversity and ecosystems –
Our Diversity, equity, inclusion and belonging ✪

people
Team member well-being ✪
Team member engagement and development ✪
Our financial Sustainable financing –

resources
Build the Drive growth with Deliver the ✪ Bell has set a target in
best networks innovative services most compelling content regard to this topic
Champion Operate with agility Engage and invest in our people
customer experience and cost efficiency and create a sustainable future

Value creation
STRATEGIC OVERVIEW Value creation

Our value creation model GRI 3-3
Using the principles of the Integrated Reporting Framework, we have developed a holistic view of our value creation process.
This view highlights the value we create for our stakeholders through our business operations, guided by our strategic
imperatives, and use of capitals. Our activities and initiatives relating to each capital are reported on the following pages.
Our Our Our Value How we

capitals strategy outcomes we create measure value
Our networks Purpose Powering Canada’s Connected – Network coverage

Reliable, accessible BCE’s purpose is to advance prosperity customers & reliability
and affordable world- how Canadians connect with Connecting Canadians through strong – Data privacy and
class broadband fibre each other and the world. with world-leading trusted networks information security
and wireless networks. technology to support
Through Bell for Better,
Canada’s growth
we demonstrate our
agenda, productivity and
commitment to create a better
leadership in innovation.
world, better communities
and a better workplace.
Our customers Every day, we are dedicated Enabling better – Customer
and relationships to advance our purpose and experiences satisfaction
Strong relationships accelerate BCE’s transformation Smart solutions and – Community
with customers, from a traditional telco to a partnerships that investment
communities tech services and digital media champion customer (mental health)
and suppliers. leader by executing on our experience and – Supplier partnerships
six strategic imperatives: support community aligned with our
resiliency and growth. values
Our products Enhancing opportunities Sustainable – Products and

and services Build the for Canadians services that enable
society
best networks low-carbon economy
Innovative and Providing the capabilities
compelling products, and tools for consumers – Compelling content
services and media and businesses to and digital
content addressing thrive and prosper. transformation
societal demands. Drive growth with
innovative services
Our environment Contributions to – Greenhouse gas

Responsible environmental emissions reduction
Deliver the most sustainability – Circular economy
environmental
compelling content
management Minimizing environmental
throughout our impacts in our operations
operations. through ambitious actions
towards prevention
Champion customer and mitigation.
experience
Our people An inclusive and Thriving team – Team member

Skilled, engaged engaged workforce well-being and
members engagement
and diverse team Operate with agility A workplace where team
members. and cost efficiency members know they can – Diversity, equity,
have an impact, immerse inclusion and
themselves in opportunities belonging
and feel like they belong.
Engage and invest
in our people and create
Our financial a sustainable future Financial growth Sustainable – Revenue, adjusted
resources Ongoing investment in investor returns EBITDA and free cash
Capital from our Operating environment our purpose and positive and strong capital flow growth
investors, returns returns to our investors. structure – Liquidity
We operate in an evolving performance
on our investments environment influenced by trends
and free cash flow and presenting business risks – Dividend growth
generated from which we strive to manage under – Sustainable financing
our operations. a strong governance model.
25
STRATEGIC OVERVIEW Value creation Our networks
Our networks
Our wireline and wireless networks, as well as our broadcasting services, keep Canadians connected, informed and
entertained. By providing the best network technologies, we power Canada’s prosperity and support the nation’s innovation
pipeline. Additionally, our focus on data privacy and information security supports the reliability of our networks.
Our purpose to advance how Canadians connect with each other
and the world is underpinned by our ability to provide robust
and reliable networks across our footprint and ensure continued
access to critical infrastructure.
Build the best Operate with agility Champion customer
networks and cost efficiency experience
How we monitor impact and progress:

2023
2023 YoY third-party
Topic ✪ Target performance change verification Trend
Wireless: Expand 5G network coverage to more than +4 percentage
86% PwC(2)
85% of the Canadian population by the end of 2023(1) points
Network coverage Wireline: Expand our pure fibre footprint to
633,000 –26%(3) PwC
and accessibility 650,000 additional locations by the end of 2023
New target: Wireline: Expand our pure fibre footprint
– New target – –
to 8.3 million locations by the end of 2025
-0.0003
Revised target: Maintain network reliability level above
Network reliability 99.9952% percentage PwC
99.99% for FTTH(4)
points
0 unresolved well-founded privacy complaints(5) from
Data privacy the Office of the Privacy Commissioner of Canada 0 No change OPCC
(OPCC)
90% of onboarded team members complete yearly +7 percentage
95% PwC
Be Cyber Savvy information security training points
+8 percentage
Information security Improve year-over-year phishing simulation report rate 33% PwC
points
+20 percentage
Align to ISO 27001 standard by the end of 2023 100% –
points
Stable Decreasing Improving Achieved
To learn more about Our networks, please see the following links:
— Our networks web page
— ESG data summary
(1) Data valid as at December 31, 2023. Population data is based on the 2021 census conducted by Statistics Canada.
(3) The year-over-year change for this metric is consistent with our more modest fibre buildout target for 2023 compared to 2022.
(4) Bell’s network reliability refers to our high-speed FTTH Internet connection, FTTH stands for “Fibre-to-the-Home.” It refers to a type of broadband Internet connection technology that
uses fibre-optic cables to transmit data.
(5) A complaint is considered well-founded if the Information Commissioner concluded that one or more of the allegations in the complaint has merit.

Building Canada’s best networks

Advanced communications networks provide access to a broad spectrum of everyday activities for all Canadians. Today, Bell’s leading
network technologies are a key part of Canada’s 21st century infrastructure. Our networks provide consumers and businesses with
greater capabilities and new opportunities to connect, build and grow, while bridging the digital divide.
Our activities and outcomes we had planned to invest in bringing high-speed fibre Internet to
hundreds of thousands of additional homes and businesses in rural,
Delivering the best networks in suburban and urban communities. This reduction is in addition to Bell
Canada GRI 201-1, 203-1, 203-2 investing $105 million less than planned in Q4 2023 as a result of the
Delivering advanced communications services that help generate CRTC’s decision. Prior to the decision, Bell’s near-term plan was to
a strong and sustainable future for all Canadians starts with build high-speed fibre to nine million locations by the end of 2025, and
continuous network investment and innovation. as a result of the CRTC’s decision, we are now slowing the pace to a
Since the beginning of 2020 through to the end of 2023 as part of its near-term target of 8.3 million fibre locations by the end of 2025 and
capital expenditure program, Bell has invested nearly $19 billion in capping fibre speeds at three gigabits-per-second.
our networks and expanded high-speed fibre Internet to 2.5 million Private sector investments in connectivity depend on the right public
new homes and businesses across Atlantic Canada, Québec, Ontario policy conditions. The federal government can encourage network
and Manitoba. Our significant investment in fibre Internet and infrastructure investment by enacting policies that support the
5G expansion has yielded continued strong subscriber momentum. competitiveness of Canadian businesses, helping to reduce the digital
Fuelled by our fibre footprint, we grew broadband Internet market divide by enabling more households and businesses of all sizes to
share faster than any of our peers in 2023. access high-speed Internet services and addressing place-based
As part of our strategy to build resilient, future-ready networks disparities that currently exist in this country.
that meet customer demands, we continue to gradually transition Separate from our fully-funded expansion, we continued to work
from our copper wire networks to pure fibre connections – widely closely with governments on existing projects to bring broadband
regarded as the best broadband technology in the world. The access to remote and other hard-to-serve areas, including in rural
decommissioning of copper networks enables us to offer customers Ontario and in Newfoundland and Labrador with the Universal
the fastest network in Canada, increasing efficiency and serving as Broadband Fund.
a platform for next-generation services.
Advancing wireless connectivity
Connecting cities and smaller
Successive generations of wireless technologies continue to
communities GRI 203-1, 203-2
change the way Canadians live, work and play.
Bell continued to bridge the digital divide, fully funding broadband
Our LTE wireless network reached more than 99% of Canadians by
rollouts in communities large and small across our footprint.
2020. Since then, we launched and expanded our 5G network in urban
The rollout of pure fibre Internet continued in communities large and rural markets, reaching 86% of all Canadians by the end of 2023(1).
and small in 2023. In Manitoba, Bell continued the expansion of fibre In 2023, Bell 5G wireless was ranked Canada’s fastest and best 5G
Internet in the city of Winnipeg as well as in six rural communities, network by Global Wireless Solutions for the third consecutive year(2).
including Winnipeg Beach, Blumenort, Ile des Chênes, Morris,
St. Adolphe and Ste. Anne, reaching more than 40,000 additional fibre
locations in the province this year. We also began expanding fibre
Internet access to homes and businesses in the Ontario communities
of Essex Centre and Harrow.
In addition to expanding our fibre network, we’re also offering faster
Internet speeds to customers. In 2023, we continued to expand
availability of multi-gigabit services across our footprint, offering
symmetrical Internet speeds of three gigabits-per-second (Gbps) to
6.5 million homes and businesses.
Bell’s network expansion over the past four years has brought
high-speed fibre Internet to hundreds of communities in Atlantic
Canada, Québec, Ontario and Manitoba. Despite this industry-leading
investment, more than five million locations in Bell’s footprint still do not
have access to fibre technology. In 2023, the Canadian Radio-television
and Telecommunications Commission (CRTC) made the decision to
mandate Bell to sell wholesale access to our fibre networks in Ontario
and Québec. As a direct result of federal government policies and
the CRTC’s decision that discourages network investment, we intend
to reduce capital expenditures by over $1 billion over 2024 and 2025
combined, including a minimum of $500 million in 2024, money that
(2) Based on a third-party score (Global Wireless Solutions OneScore) calculated using Bell wireless 5G network and 5G+ testing in Canada against other national wireless networks from
March to October 2023.
27
We also continued to expand 5G+ service in urban and rural

markets, including communities in New Brunswick, Newfoundland Bell’s network reliability
and Labrador, Nova Scotia and Manitoba. Today, 5G+ is considered Target 99.99%
to be the fastest mobile technology in Canada. It improves the
performance of today’s demanding apps and services, such as 2022 99.9955%
gaming and streaming, video conferencing, and IoT solutions, while
2023 99.9952%
also supporting future innovations. As of the end of 2023, Bell’s 5G+
network was available to 51% of Canadians. Bell aslo secured the 0 99.9
99,9 100
most 5G+ spectrum nationwide in the federal government’s 3500
and 3800 MHz spectrum auctions recently securing the acquisition
of 939 licenses for 3800 MHz spectrum, and acquired at a total cost Bell’s customer commitment is demonstrated by our operational
that was the lowest among national wireless carriers. governance processes, our best-in-class design and network
architectural practices, and the continuous investments that we
Responding to outages and maintaining functional, make in our networks year after year.
reliable networks SASB TC-SI-550a.1 and TC-SI-550a.2
At Bell, we know that our customers trust us to keep them connected.
Building, maintaining and expanding strong communications They rely on our services for work, school, to stay informed, and to
networks is vital to the present and future well-being of all reach out to loved ones. By prioritizing reliability and responsiveness
Canadians. in our day-to-day operations, Bell team members mobilize quickly
Bell’s network investments are delivering world-leading and reliable to resolve outages and respond to emergencies.
networks and services to customers in urban, rural and remote For more than two decades, we have successfully deployed most of
communities. Investing in network security, capacity and resiliency the largest mission-critical two-way radio service communications
has helped Bell achieve 99.9952%(1) network reliability, achieving our networks in Canada. We are proud that we have a unique mandate
target to maintain our network reliability above 99.99%. Our 2023 to serve the public when it matters most, providing public safety
investments have provided core network architecture, diversity and radio communications to more than 80,000 first responders and
redundancy – including multiple transport routes – which minimize other essential services in Canada.
the risk of major service disruptions. With the rise in extreme weather
Bell is the largest provider of 9-1-1 emergency services in Canada.
emergencies like wildfires, floods, ice storms and hurricanes, we are
We offer specialized 24/7 bilingual support and network monitoring
adapting our business practices to improve network resiliency and will
to emergency contact centres in Manitoba, Ontario, Québec,
continue to take measurable action to mitigate these impacts, promote
Nova Scotia, New Brunswick, Prince Edward Island, and Newfoundland
sustainable practices and strengthen resiliency moving forward.
and Labrador. We offer the Text with 9-1-1 (T9-1-1) service, and
A recent example was our response during Hurricane Lee in the Atlantic
we support the Alert Ready system used to inform Canadians of
region. Bell worked alongside partners including provincial Emergency
critical emergencies in their area. Bell is also leading the way in the
Management Offices, local utilities, first responders and other partners
development of Next Generation 9-1-1 (NG911).
to ensure a coordinated response. Bell’s investment in additional
generators helped mitigate service impacts while technicians worked
to restore service as quickly and safely as possible. Throughout the
restoration effort, customers were kept updated through our social
media channels and website.

Privacy and information security

Our success depends on robust privacy and information security practices. Customers increasingly value privacy considerations and
expect organizations to diligently safeguard their information. Companies are increasingly facing cybersecurity threats, and building
strong governance around information security practices is necessary to address the threat landscape. There have been, and will
continue to be, significant changes to privacy and information security laws and regulations to which Bell and its customers must adhere.
Our activities and outcomes

Committing to data privacy
GRI 205-2, 418-1, SASB TC-TL-220a.1 and TC-SI-220a.1
Our customers and team members expect us to collect data

appropriately, use it for purposes that advance their interests,
and keep it secure.
Increasing customer awareness regarding the protection of their
personal information has attracted the attention of lawmakers
and regulators, resulting in changes to privacy laws and increased
regulatory scrutiny.
Our privacy policy clearly explains how and when we collect, use,
and disclose personal information.
Every year, all Bell team members must review and sign the Bell Code
of Business Conduct. This reinforces the importance of safeguarding
customer information and using it only as allowed under our privacy
policy. In 2023, Bell continued to make significant investments in
people, processes and technology in order to enhance our privacy Bell is a founding member of the Canadian Cyber Threat Exchange
management program and to protect confidential information from (CCTX), created to build collaboration and share cyber threat
evolving cybersecurity threats. intelligence between private and public organizations with a
Our objective is to have zero unresolved well-founded privacy Canadian focus.
complaints(1) from the Office of the Privacy Commissioner of In 2021, we launched our Be Cyber Savvy information security
Canada. We achieved this goal once again in 2023. education program. This program includes access to our specialized
cyber awareness platform, monthly phishing simulations, baseline
Prioritizing information security cybersecurity courses and a recurring annual course to maintain
We must be able to identify and address information security knowledge. At the end of 2023, 95% of onboarded team members
risks in a timely manner in order to best protect our customers, completed baseline training (1), achieving our goal of a 90% completion
our networks, team members and business assets. rate.
Our Information Security program is based on guiding principles We had a 33% reporting rate for phishing simulations in 2023(2), a 32%
to protect the confidentiality, integrity and availability of all improvement year-over-year. We believe a combination of training,
Bell information systems, services, and networks. We build and clear messaging and positive reinforcement will lead to continued
continuously improve security policies and directives based on year-over-year improvement in reporting suspected phishing
industry standards and the threat landscape. In 2023, we have attempts and demonstrate team member engagement in keeping
aligned our program at 100% of the ISO/IEC 27001 standard, which we Bell secure. This year, we observed a 142% increase in reported
will continue to use as a base to build on and maintain our information phishing simulations from fully trained employees compared to
security management system. non-trained employees.
We implement prevention, detection and incident response programs
Reported phishing simulation between our fully
to address security threats. Our full suite of security solutions is trained employees and non-trained employees on our
monitored by Bell’s Security Operations Centre. The centre is Be Cyber Savvy information security training
staffed 24/7 to provide incident and policy management, and to
report on all security-related incidents. Bell, like any company, faces 2022
cybersecurity threats on a sustained basis and aims to avoid and Non-trained
minimize any impacts.
2023 +142% more reporting
Fully trained
29
STRATEGIC OVERVIEW Value creation Our customers and relationships
Our customers and relationships

We enable better experiences by offering smart solutions and collaborative partnerships that champion the customer
experience and support community, resiliency and growth.
Our relationships with key stakeholders are at the core of our
success. We drive our growth by developing and delivering
innovative services to our customers. This is made possible by
our determination to continue building and operating the best
Champion customer Drive growth Build the
communications networks in the country. experience with innovative services best networks

2023
Improved
Reduced to
by 1.1
Customer experience Reduce Bell’s percentage of complaints to the CCTS 16.1% CCTS
percentage
in 2023
points
Help build better communities across the country by
Community investment contributing to groundbreaking work in mental health $22,893,539 +$0.7M PwC(1)
and engaging in volunteerism and charitable giving
To learn more about Our customers and relationships, please see the following links:
— Our customers and relationships web page
— Our corporate responsibility approach
— Empowering voices and fostering a space for all
— BCE Inc.’s Fighting Against Forced and Child Labour report
Customers
To effectively champion customer experience, all of our team members, regardless of role, keep the customer top of mind in everything
they do. We prioritize our customers’ needs in all facets of the customer journey, from developing and implementing solutions and
initiatives to sales, service and support.
Our activities and outcomes As part of our transformation to a technology services company
we are introducing new “single stack” digital ordering and billing
Championing customer experience capabilities. Over the years, Bell has developed multiple billing and
Making it easier for customers to do business with Bell is ordering systems to support our products and services across
fundamental to everything we do, which is why we are continuously different regions. Now we’re working to simplify our processes for
working to improve our systems and processes. customers and team members by developing an approach that
consolidates billing and ordering into one national system.

Developing customer tools and resources Delivering lower prices for consumers

GRI 203-2
We continue to add and enhance a range of technology-driven Canada’s competitive communications landscape continues to
tools and resources that help make interacting with Bell easier benefit consumers.
and more direct.
From January 2020 to December 2023, average wireless prices have
This includes making it easier for customers to use our self-install fallen by 45% and prices for Internet services have fallen by over 5%.
option for Bell and Virgin Plus services when their homes are already These declines came during a period when overall inflation increased
connected to our FTTH network. Customers can use easy-to-follow over 15%(1).
instructions using our award winning My Bell or Virgin Plus My
In fact, prices for wireless and wireline services in Canada have been
Account apps to install the required equipment, which is mailed to
decreasing since 2017. Importantly, the cost of services in Canada is
their residences. This empowers customers to activate their own
in line with peer countries as a percentage of income, which shows
wireline services faster through a more cost-effective and convenient
that prices remain affordable for Canadian consumers (2).
process.
The Canadian telecommunications sector continues to offer
Virtual Repair also enables customers to run their own diagnostic
competitive prices while delivering 99.7% mobile wireless coverage.
service checks, identify local service outages, resolve common issues,
connect with a Bell support team member, and book an appointment
Measuring performance
for a technician visit online if required.
We monitor and analyze insights and feedback from our customers
We are also leveraging our online and social media platforms to do
through our multiple channels and platforms, as well as our
a better job keeping customers informed during outages through
progress in reducing complaints compared to industry-wide
our social media channels and via notifications on the MyBell app.
performance.
The MyBell app has also been upgraded to include a guided experience
The most recent CCTS Annual Report 2022–2023 shows that our focus
for new customers and improved ordering processes that make it
on championing the customer experience through investments in
even easier to complete transactions digitally using a smartphone
training, tools and self-serve channels is making a difference
or tablet. Another convenient option for customers is the Bell Wi-Fi
compared to other national service providers. The CCTS report
app, which allows customers to use their smartphone to control their
shows that Bell’s share of industry complaints has decreased to 16.1%,
home networks by pausing Internet access, sharing Wi-Fi with guests
down 6%, which was the only decline among national providers(3).
and running speed tests.
In fact, our share of complaints declined for an eighth consecutive
In 2023, our suite of mobile apps continued to be recognized year. Together, our BCE group of companies and affiliates finished
internationally for excellence in design, ease of use and capabilities, 3% lower year-over-year and have reduced our complaints volume
highlighted with a prestigious Webby Award for the My Bell app. by 51% over the past five years.
The MyBell app was also named the Best Telecommunication Mobile
We aim to continue improving our CCTS results through our
Application at the Mobile Web Awards, an award Bell’s suite of mobile
ongoing focus on making customer service training, tools and
apps has won for six consecutive years.
processes even better.
Share of complaints accepted by the Commission

for Complaints for Telecom-television Services
2020–21 20.7%
2021–22 17.2%
2022–23 16.1%
(1) Statistics Canada. Table 18-10-0004-01 Consumer Price Index, monthly, not seasonally adjusted.
(2) PwC, Understanding the affordability of wireless and wireline services in Canada.
(3) The CCTS numbers/data only includes Bell Canada (this excludes Bell Aliant, Bell MTS, Virgin Plus, Lucky Mobile, PC Mobile).
31
Our commitment to accessibility
GRI 203-2
BCE is committed to treating all people in a way that allows

them to maintain their dignity and independence. An important
part of doing this is to identify, prevent, and remove barriers to
accessibility.
Bell seeks to reduce barriers and provide specialized support in
a variety of ways, including through our Accessibility Services
Centre (ASC). This specialized call centre is dedicated to supporting
customers, including through accessible products and services,
with a variety of accessibility needs such as hearing, vision, speech,
cognitive and mobility. Customers also have access to our detailed
accessibility web pages for Bell, Bell MTS, Bell Aliant, Virgin Plus, and
Lucky Mobile so that they can learn about the customized solutions
and discounts available to them. Bell Mobility, Virgin Plus and Lucky
Mobile customers using Video Relay Service (VRS) on a Bell mobile
network are not charged for data associated with using the service.
Customers with disabilities are also eligible for a 411 exemption,
allowing them to make free directory assistance calls.
Bell Media continues to improve our content accessibility, including
ongoing improvements to the quality and availability of closed-
captioning and described video. This includes working with content With this feedback, guidance of our Executive Accessibility Steering
providers to significantly update and improve our catalogue of Committee and input from persons who either have accessibility
content with described video. needs or are members of support organizations, BCE published
our initial multi-year Accessibility Plan on April 16, 2023. The plan is
To lead our accessibility approach, we have established an Executive
available in multiple formats including American Sign Language (ASL)
Accessibility Steering Committee that provides executive oversight
and Langue des signes du Québec (LSQ), and also in line with the ACA.
of BCE’s Accessibility Program. This steering committee is composed
of senior executives from across the organization who prioritize and To learn more about Bell’s accessibility Products and Services, visit
guide our accessibility plans. bell.ca/Accessibility_services.
We also continue to learn through the formal accessibility feedback
process we launched in May 2022 in accordance with the federal
government’s Accessible Canada Act (ACA), and through consultations
with employees and other persons with accessibility needs.
Community
Building strong relationships with Canadians extends beyond our direct product and service offering. We aim to strengthen the
communities in which we operate. We do this through a variety of means including our mental health programs, our DEIB initiatives,
community projects we support, team member volunteerism and charitable giving, national and local sponsorships, economic activities
and industry partnerships.
Our activities and outcomes health crisis Canadians are facing in very real and personal ways and
issued a collective call to action and change. Bell Let’s Talk Day 2024
Advocating mental health through continued to put a spotlight on mental health organizations across
Bell Let’s Talk GRI 201-1 the country that are providing supports and services for Canadians
Bell is taking a leading role in helping address the mental health experiencing mental health issues – organizations that Bell Let’s Talk is
crisis in Canada with the Bell Let’s Talk mental health initiative. proud to support. Bell expects to reach its total current commitment
The program encourages Canadians to take action and achieve of $155 million by 2025.
real change in mental health.
In October 2023, Bell Let’s Talk announced a $1 million donation to
The goal of the Bell Let’s Talk mental health initiative is to reduce the IWK Health Foundation in Halifax, the Maritimes’ leading children’s
the stigma surrounding mental illness, while accelerating access to health care and research centre, to help change the way patients
care, supporting research and promoting psychologically healthy requiring emergency mental health services are cared for in the IWK
workplaces. Emergency Department (ED). This gift will support a dedicated mental
Each year, Canadians and people worldwide meaningfully engage health space in the new IWK ED, including its own waiting area and
in the mental health conversation on Bell Let’s Talk Day. In 2023, Bell will provide a therapeutic, private and confidential environment for
made a fundamental shift in the campaign by highlighting the mental children, youth and families.

Bell Let’s Talk is active year round providing funding through the Bell Supporting diversity, equity, inclusion

Let’s Talk Community Fund, Diversity Fund, Post-Secondary Fund and and belonging in our communities
Bell True Patriot Love Fund. Bell Let’s Talk has partnered with more than
In line with our values, Bell extends its DEIB initiatives beyond our
1,500 organizations including hospitals, universities, local community
workplace and into our communities.
service providers and other care and research organizations. This
collaboration has enabled these organizations to improve access Bell helps to foster positive and mutually respectful relationships
to mental health supports and services in communities nationwide. with Indigenous peoples and communities, including colleagues,
customers and community members. Bell supports the principles
The Bell Let’s Talk Community Fund supports registered charities
of the United Nations Declaration on the Rights of Indigenous
working to improve access to mental health supports and services
Peoples and the recommendations of the Truth and Reconciliation
in communities throughout Canada. In October 2023, the Fund
Commission’s 94 Calls to Action. All team members are encouraged
announced 115 new grants. Since 2011, the Fund has provided over
to learn more about contributing to reconciliation as this helps
1,100 grants and invested over $20.5 million into helping ensure
everyone recognize the systemic inequalities and discrimination
Canadians have increased access to the services needed to address
that Indigenous peoples experience, and encourages us to do better.
the growing mental health crisis.
Bell and Bell Media are proud of their long tradition of support for
The Bell Let’s Talk Diversity Fund provides grants to organizations
Canadian arts and culture. We work with diverse partners to enrich
working to increase access to culturally-informed mental health
the communities we serve through the encouragement of creative
and wellness supports and services for BIPOC communities across
expression and with ongoing support of festivals showing Canada’s
the country. Since the launch in 2020, the Fund has provided
rich diversity of content and creators. These initiatives range from
49 grants totalling $5.45 million, including 10 new grants announced
a full roster of cultural activities and festivals around the country, to
in January 2024.
something as innovative and creative as it is transforming.
In 2023, the Bell True Patriot Love Fund awarded a total of $350,000
to 10 organizations making a meaningful difference in the military Investing in creating community value GRI 201-1
veteran community. These organizations improve access to mental Acting as an engaged corporate citizen has been central to
health care for military members, veterans and their families. our identity for over 144 years. Bell contributes to the creation
In January 2024, the Bell Let’s Talk Post-Secondary Fund awarded of shared value for the communities we serve and for society
$1 million to 11 Canadian colleges, universities, and cégeps to support at large.
initiatives that align with the National Standard of Canada for Mental Our goal is to help build better communities across the country
Health and Well-Being for Post-Secondary Students or the Québec by contributing to groundbreaking work in three areas – mental
Action Plan on Student Mental Health for Higher Education. health, team member volunteerism and charitable giving. Our overall
Bell follows the National Standard for Psychological Health and community investment in 2023 was $22,893,539(1).
Safety in the Workplace, and promotes its adoption across corporate Communities also benefit from the engagement of our team
Canada. As we aim to lead by example, with the goal of inspiring members as they support the causes they value deeply. Through
greater engagement in corporate Canada and encouraging adoption the Bell for Better Team Giving Program, our team members are
of healthier workplace frameworks, we continue to share best highly engaged in charitable giving and volunteerism to make the
practices through tailored presentations, conferences, benchmarking world a better place. Bell doubles the impact by matching donations
exercises and by participating in various advisory committees. to registered Canadian charities, up to $1,000 per team member per
We invest in mental health programs across the country to year. In addition, Bell provides team grants to charities based on,
ensure that more Canadians can better access the care they and in recognition of, the volunteer time commitments of our team
need. Bell’s cumulative mental health funding objective is to reach members and retirees. During the 2023 Bell for Better Team Giving
$155 million by 2025. Campaign, Bell team members and retirees donated over $2 million to
more than 2,000 Canadian charities, matched by a further $1.5 million
To learn more about how Bell Let’s Talk is making an impact on from Bell. More than 128,000 volunteer hours were tracked, resulting
Canadians’ mental health, visit Bell.ca/LetsTalk. in 382 team grants for charitable organizations across Canada.
33
Contributing to large-scale Reducing the digital divide
GRI 203-1
economic benefits GRI 201-1 Consistently improving our networks and offering affordable
Canada’s communications industry is the backbone of innovation options gives Canadians better access to services that are
and economic growth in Canada. It plays a major role in enabling important to everyday life.
Canadian prosperity now and in the future, and enables businesses
to innovate and advance in the digital age. Bell believes that your postal code should not determine your
By providing the networks and cutting-edge technology that people economic future. In April 2023, the company published a white
and businesses rely on, Canada’s communications industry not only paper focused on how Canada can address place-based
drives innovation and economic growth across the country, but also disparities and move toward place-based diversity. Better
powers a smarter future for all Canadians, especially as businesses connectivity can help small-business owners reach new markets,
continue to prioritize digital transformation. According to a recent students access online learning and seniors receive specialized
report from the Canadian Telecommunications Association (CTA), health care remotely. Using the digital networks that companies
increased connectivity has the potential to contribute an incremental like Bell are building, we can bridge the digital divide and ensure
$112 billion to Canada’s GDP by 2035. a brighter future for all Canadians – no matter where they live.
According to the same study, the telecommunications sector Originally launched in November 2018, and updated in 2022, the
contributed almost $77 billion to Canada’s GDP in 2022 and supported Connecting Families program now offers speeds that are up to
724,000 jobs, including more than 113,000 direct jobs – helping five times faster than in phase one of the program, and includes
virtually every sector of the economy(1). 200 gigabytes of data for $20 per month. The second phase also
Bell estimates every $1 billion investment in broadband and 5G broadens eligibility to include low-income seniors and families
networks over one year generates an estimated $2 billion in economic receiving the maximum Child Care Benefit (CCB). The initiative is
activity and supports over 6,000 jobs at Bell and throughout our administered through Computers for Success Canada (CFSC-OPEC),
Canadian supply chain(2). a not-for-profit partner of the Government of Canada’s digital
inclusion and economic development programs, and is made possible
The connectivity made possible as the direct result of investments by
through the involvement of service providers like Bell and others.
Bell and other network providers powers Canada’s digital economy.
It fuels innovation and new growth opportunities in important areas In 2021, Bell joined other companies to launch the CEO Pledge campaign
of the economy, including logistics and transportation, agriculture, initiated by Microsoft Canada. The campaign aims to bring companies
education, digital media and environmental sustainability. together to commit to reducing the digital divide by donating their
used equipment to the Computers for Schools Plus (CFS+) program.
In 2023, we donated approximately 6,000 computers. Bell is actively
involved in Computers for Schools Québec (OPEQ – Ordinateurs pour
les écoles du Québec), the Québec division of CFS+, by ensuring
representation on the board of directors, appointing an employee
as Executive Director and providing space for a workshop and the
administrative offices for the OPEQ management team. In addition to
providing thousands of refurbished equipment per year to schools,
non-profit organizations and low-income individuals, OPEQ offers
internships that contribute to the development of digital skills and
the integration into the labour market of young technicians and
people with physical or intellectual limitations. By participating in this
program, Bell aims to help reduce the digital divide and contribute to
the employability of the workforce of today and tomorrow.
(1) Connecting Canadians through resilient networks: The impact of the telecom sector in 2022 and beyond, PwC for the CTA.
(2) Estimate calculated on the basis of Table 36-10-0594-01, Input-output multipliers, detail level, from Statistics Canada for the Communication engineering construction industry.

Suppliers

Accountability is at the centre of the mutually beneficial and ethical relationships we establish with suppliers. We hold our suppliers to
high standards and recognize the potential social and environmental impacts when purchasing goods and services. We endeavour
to choose suppliers that share Bell’s values in ethical behaviours and diversity.
Our activities and outcomes and sustainability policies, and business continuity plans. Suppliers
may also be asked to provide supplementary information, such
Monitoring supplier selection and
as their ethics and labour policy, health and safety standards and
accountability GRI 2-6, 308-1
environmental policy. Bell’s supplier requests are dependent on
Bell holds its suppliers to the same high standards of business the type of product or service provided to the company. Mitigating
as we hold ourselves. controls are applied to seek to manage the risk of the product and/
Our values and expectations for our suppliers are set out in our or service purchased. In some cases, Bell shares its own internal
Supplier Code of Conduct, included by default in our contracts. This procedures and directives for suppliers to follow.
Code seeks to ensure suppliers maintain data privacy and security Based on the level of information security and privacy risk, suppliers
controls, reduce environmental impacts and respect labour and with a high-risk rating are reassessed on a yearly basis and medium-
human rights, ethics, health and safety and responsible sourcing risk suppliers are assessed every three years. Other suppliers are
of minerals. The Code helps minimize risks to our operations and assessed upon contract renewal. Suppliers that have a potential
reputation in the following areas: business continuity, information significant impact on our operations, customers and services are
security, privacy, health and safety, environment, labour, human defined as critical suppliers and we conduct regular touchpoints with
rights and financial stability. them. In addition, Bell reserves the right to conduct on-site audits
In accordance with our supplier risk management program, of key suppliers. Two supplier site audits were conducted in 2023.
additional due diligence may be required from suppliers based In 2023, we continued exploring technologies and risk methodologies
on the results of our preliminary risk assessment. The products to enhance and optimize our management of critical suppliers. This
and services Bell purchases are assigned a value of high, medium involves the use of big data, creation of dashboards, and improved
or low risk. Risk level is determined during the initial onboarding performance indicators.
assessment and subsequent assessments, which are then shared
We seek quality products and services through mutually beneficial
with the supplier to collect additional details pertaining to their data
and ethical relationships with suppliers who act responsibly, respect
management, Payment Card Industry (PCI) compliance, environment
the environment and demonstrate integrity in the marketplace.
35
Procuring responsibly through our supply chain In 2023, 28% of our suppliers by spend had set science-based
targets for reducing their greenhouse emissions, providing a helpful

Evaluating the impacts of purchased goods within our supply
illustration of our collective focus.
chain is as important as the work ethics of our suppliers.
We will continue to engage our suppliers in this initiative with the
Bell makes clear its approach to the responsible business and risk
goal of reaching 64% of our suppliers by spend having committed
management practices of its suppliers through the Supplier Code
or set science-based targets by 2026.
of Conduct. We also seek to address the responsible procurement
of specific products through our sustainable criteria program.
$70 million
The program focuses on conflict minerals in electronic products,
sustainable packaging, product energy efficiency and other criteria
for customer electronic devices.
Bell’s sustainable criteria are revised every three years with the aim
Spent $70 million with certified diverse
of ensuring they meet industry standards. New criteria are added suppliers in 2023
as our risks and opportunities assessments evolve. To monitor the
application of sustainable criteria in supplier contracts, we audit our Promoting diversity among our suppliers
internal business units annually to verify that all required sustainable
criteria have been included. By extending the values of DEIB to Bell’s supplier relationships, we
aim to provide equal sourcing opportunities for capable, diverse
In 2023, the Canadian parliament passed Bill S-211, An Act to enact the suppliers.
Fighting Against Forced Labour and Child Labour in Supply Chains
Act and to amend the Customs Tariff, which has been effective We believe that our supplier base should reflect the diverse
since January 1, 2024. The act is intended to minimize forced and communities in which we operate, which helps drive the delivery of
child labour in Canadian supply chains and ensure that Canadian advanced products and services that resonate with our customers.
businesses operating abroad do not contribute to human rights Bell’s supplier diversity program encourages the active inclusion of
abuses. As required, BCE issued a report explaining the steps taken businesses that are majority-owned and managed by Indigenous
in the previous year to prevent and reduce the risk that forced labour peoples, visible minorities, women, 2SLGBTQIA+ individuals, veterans
and child labour are used in their supply chain. and persons with disabilities.
In collaboration with Canadian certifying and advocacy organizations,
Engaging with suppliers to promote we continue to expand our network and advocate for diverse-owned
growth and innovation business opportunities.
Engaging actively with suppliers to identify opportunities and BCE spent $70 million with certified diverse suppliers in 2023.
address risks is key to fostering a sustainable value chain. In 2024, we will continue to advocate for, and strive to increase,
Our suppliers are a key component of our success, and choosing year-over-year spend with certified diverse suppliers by 3% to
the right suppliers is critical considering the growing constraints on 5%, and the number of active certified diverse suppliers by 5%.
global provisioning. We work with our key suppliers to seek to ensure
they align with our values and we challenge them to collaborate on
innovative projects to drive improvements.
For example, Bell works with suppliers to participate in innovative
solutions that seek to minimize the environmental impact of our
business operations. This means we work with suppliers to redirect,
reuse, repurpose and recycle material from our waste streams
wherever possible. We also support organizations that are focused
on protecting the environment and decarbonizing their operations.

STRATEGIC OVERVIEW Value creation Our products and services
Our products and services
Our products and services enable Canadians to take advantage of the emerging capabilities and applications powered
by our world-class networks. As we shift from a traditional telco to a tech services and digital media company, we seek to
expand our offerings to include modern IT platforms, cloud-based solutions and AI-driven solutions to meet the evolving
needs of our customers.
Driving growth with innovative services is a strategic imperative
as we respond to the needs of our customers, helping them stay
connected, informed, productive and entertained. The digital
nature of our products and services contributes to the transition
Drive growth Deliver the Engage and invest in
of our customers to a low-carbon economy and helps create a with innovative most compelling our people and create
more sustainable and prosperous future. services content a sustainable future

YoY Third-party
Topic ✪ Target Performance change verification Trend
5.2 times Bell’s
Enabling transition to Increase carbon savings enabled by the use +2.7 (was 2.5
operational GHG –
a low-carbon economy of Bell’s technological solutions(1) in 2017)
emissions
To learn more about Our products and services, please see the following links:
— Our products and services web page
Success indicators
Success indicators for our products and services 2023 YoY change
Research and development (capex) $684M +$69M from 2022
Research and development (opex) $90M +$33M from 2022
Original French content produced (hours) 1,300+ +4% from 2022
Original English content produced (hours) 37,100+ –6% from 2022
English-language entertainment series commissioned, led by BIPOC or creatives from other
45% +4% from 2022
equity-seeking communities
(1) Performance is estimated pursuant to our carbon abatement ratio based on 2020 data which is when our latest evaluation was completed. For more information on this metric, please
refer to About this report at the beginning of this report, and to the section “Contributing to a better world through our products and services” on page 40.
37
Innovative digital technologies
Innovation is a building block for Bell’s success, with our extensive fibre and wireless networks at the foundation. We work with multiple
companies and organizations in Canada and internationally to develop new products and services that provide greater capabilities and
better experiences for both residential and business customers. To help ensure a continued innovation pipeline, we invested in hundreds
of research and development projects in 2023, with the goal of increasing value for Canadians today and in the future.
Our activities and outcomes For media advertisers, Bell Media offers the cutting-edge Bell
Marketing Platform, an integrated suite of data-driven tools powered
Developing innovative services for by Bell First Party Data, including Bell Analytics, Bell DSP (Demand-
a digitally connected world Side Platform), and SAM (Strategic Audience Management). These
The development of new products, services and applications at tools streamline the media buying process, enabling advertisers to
Bell is driven by our continued focus on our fibre and 5G wireless easily identify, connect with, and measure their target audiences
networks. We are building a more connected, innovative and across various media formats. Further enriching our portfolio, Bell
sustainable social and business environment for all Canadians. Media has introduced exciting new solutions and premium inventory
such as ads on Crave, Addressable TV, and Addressable Audio, each
In 2023, we expanded availability of multi-gigabit Internet speeds for designed to enhance advertising efficacy and reach.
fibre customers in several locations in the Atlantic provinces, Québec,
Ontario and Manitoba. As of the end of 2023, 6.5 million locations had Strengthening 5G and its applications
access to Internet speeds of three gigabits-per-second (Gbps).
Bell is well positioned to offer customers new and innovative
Further transforming the home Internet experience, our Giga Hub 5G applications providing enhanced capabilities for Canadians.
supports multi-gigabit speeds and is compatible with Wi-Fi 6E
In 2022, Bell started rolling out 5G+, the fastest mobile technology in
technology, the next evolution of Wi-Fi advancement. The Giga
Canada. With increased capacity and reduced latency, 5G+ improves
Hub enables customers to better connect with family and friends,
the performance of demanding apps and services, and supports
work, learn, stream and game online on any or all of their devices
future innovations that enhance the lives of Canadians, such as virtual
simultaneously.
and augmented reality, gaming, artificial intelligence, cloud and IoT
Our suite of Bell Smart Home services makes it easier for residential technologies and industrial transformation. Bell’s 5G+ network is now
customers to manage their home from anywhere. We continue to available to 51% of the Canadian population.
offer convenient and energy-saving Smart Home tools – cameras,
Leveraging the power of 5G speeds, in 2023, Bell Canada, Verizon,
doorbells and thermostats – that customers can control through the
Vodafone and European-based B2B software company, MATSUKO
Bell Smart Home app.
successfully conducted the first live transatlantic collaborative
meeting connecting multiple holographic people in Canada, the U.S.
and the UK using multi-access edge computing (MEC) technology.
This demonstration, conducted at the 5G Future Forum, showcases
the ground breaking capabilities of 5G MEC technology.

Driving innovation forward with research and Accelerating digital transformation for businesses
development (R&D) and venture capital investments Bell is helping organizations accelerate their digital transform-
Investing in R&D and tomorrow’s technology is foundational to ation with end-to-end support. We provide leading professional
driving innovation across our portfolio of products and services, and managed services and an unmatched ecosystem of cloud
keeping us at the forefront of network innovation and leadership. partnerships.
Since 2001, Bell has invested more in R&D than any other Bell has long championed the connectivity and technology prowess
communications company in Canada(1), supporting the evolution of small, medium and large businesses, and we pride ourselves on
toward new and advanced communications technologies and bringing best-in-class communications solutions and expertise to
services that will ultimately benefit Canadians. Canadian businesses of every size.
Bell has spent more than $4.6 billion in capital expenditures on R&D In 2023, Bell acquired cloud services leader FX Innovation,
since 2014. strengthening support for Canadian businesses on their digital
transformation journey. This acquisition leverages the strengths of
$559M $615M $684M the two companies to help businesses realize their full digital potential
with integrated multi-cloud solutions. FX Innovation’s expertise in
(CapEx) (CapEx) (CapEx)
cloud managed and professional services, combined with Bell’s
$59M $57M $90M national scale, resources and world-class fibre and 5G networks,
(OpEx) (OpEx) (OpEx) will deliver end-to-end solutions to help enterprises innovate and
grow their business.
in 2021 in 2022 in 2023
Additionally in 2023, we announced a collaboration with ServiceNow,
In addition, we are investing in entrepreneurship and advanced a cloud-based company focused on digital workflow solutions to
technologies with our venture capital initiative, Bell Ventures, to help companies automate and streamline their IT management
encourage development of early-stage and growth companies that workflows. Through this collaboration, ServiceNow capabilities we
harness the strengths of our fibre and 5G networks. These companies have integrated into the Bell service ecosystem using ServiceNow’s
are expected to deliver innovations in network operations, Service Bridge application. This solution will offer Bell business
cybersecurity, IoT, robotics, telematics, clean technology, artificial customers streamlined service provisioning, improved operational
intelligence and augmented reality/virtual reality. We collaborate efficiencies, and a more intuitive user experience, all by leveraging
with more than 240 Canadian technology partners to advance purpose-built telecom solutions, automation, and AI-driven insights.
innovation throughout our operations. Bell’s fibre and 5G wireless networks are the backbone for Canadian
businesses today as they innovate and advance in the digital age.
As many of our customers are increasingly using public and hybrid
cloud solutions, we continue to maintain strong relationships with
Amazon Web Services (AWS), Google Cloud and Microsoft Azure to
ensure we deliver next-generation cloud experiences and hybrid
work solutions to Bell customers. To support our customers using
AWS, we launched the Bell / AWS Training Club in 2023, giving Bell team
members access to over 600 training courses from foundational
AWS skills to advanced specializations like cloud, cybersecurity and
multi-access edge computing (MEC).
(1) Research InfoSource, Spotlight on Two Decades of Corporate R&D (2022).
39
Contributing to a better world through our products and services
Our products and services provide value to Canadians by helping them both mitigate climate change and adapt to its impacts.
Our solutions enable customers to reduce environmental impacts, improve health and safety and better safeguard protected data
from growing risks.
Our activities and outcomes We continue to develop business solutions that aim to enable
carbon emissions reductions and help customers adapt to climate
Solutions contributing to climate change
change.
adaptation and mitigation GRI 201-2
Bell technological solutions can help our customers reduce energy Quantifying how our solutions
needs, minimize carbon footprints(1) and enhance productivity. enable carbon abatement
Our solutions help businesses embrace new ways to communicate, At Bell, we believe it is important to understand the net carbon
collaborate, ensure business continuity and be able to maintain abatement impact of our solutions. To achieve this, we have worked
services in the event of emergencies and extreme incidents. with Groupe AGECO, a third-party consultant with expertise in GHG
emissions quantification, to develop a methodology that uses a
Our solutions(2) include the following: carbon abatement ratio which estimates the carbon reduction
Virtualization and cloud computing encourage optimal use capacity of our products and services used by our customers.
of space, power and cooling resources by consolidating
Many Bell technological solutions enable our customers to reduce
servers and storage. They improve business continuity
GHG emissions by optimizing transport, energy use and asset
through redundancies in our network.
operations. For example, using Bell’s fleet management solution
IoT solutions can help optimize asset and fleet management reduces travel distances and fuel consumption. These estimated
and are effective for smart buildings, smart cities, smart benefits are calculated using the carbon abatement ratio, which
operations and smart fieldwork applications. Electronic represents the GHG emissions estimated to have been avoided by
controls coupled with our communications networks can our customers through the use of our technological solutions in
help communities adapt to rising mean temperatures comparison to our own operational (scope 1 and 2) GHG emissions.
and/or events such as extended heat waves. To do so, GHG emissions are estimated in a business-as-usual case
Hybrid workforce solutions and teleworking help where technology is not used compared to the case where Bell’s
maintain business continuity, as evidenced during the products are used. The avoided GHG emissions correspond to the
COVID-19 pandemic. difference between the emissions estimated to have been generated
in a business-as-usual case compared to the case where Bell’s
Dematerialization (the reduction of the quantities technological solutions are used.
of materials needed to serve an economic function)
encourages the substitution of technology (e.g., online
banking apps) for travel (e.g., commuting to the bank).
(1) As demonstrated by the Global Enabling Sustainability Initiative (GeSI), their research demonstrated that ICT solutions can decouple economic growth from emissions growth. ICT such
as analytics, advanced robotics, Smart Grids, advanced energy management solutions, Smart building, Smart agriculture and Smart logistics solutions enable a reduction of global
CO2e emissions.
(2) To learn more about collaboration solutions, click here.

Bell technologies enabling the largest carbon reductions in 2020

Teleworking Dematerialization Conferencing solutions
CO2 equivalent 600 kilotonnes 465 kilotonnes 185 kilotonnes
This is the same as… 395,000 car rides 306,000 car rides 467,000 flights
between Halifax and Vancouver between Halifax and Vancouver between Halifax and Vancouver
The calculation method of the carbon abatement ratio is based This analysis completed by Bell and Groupe AGECO is the third(2) of
on existing methodologies developed in the Information and its kind. Our objective is to continually increase Bell technological
Communications Technology (ICT) sector. The calculation is based on solutions’ carbon abatement ratio by developing and providing more
assumptions that are dependent on customers’ behaviour over which products and services that aim to enable carbon reduction.
Bell has no control. Groupe AGECO’s and Bell’s analysis estimated
To help support further advances in this domain, Bell has joined
that our technological solutions have enabled carbon abatement for
Digital with Purpose with other global Information and ICT companies.
our customers of nearly 1,379 kilotonnes of CO2 equivalent (CO2e) in
This is a GeSI project that aims to deliver on the Paris Agreement and
2020. This is equal to 5.2 times our 2020 operational (scope 1 and 2)
the UNSDGs by 2030. Digital with Purpose provides a framework
GHG emissions(1).
that enables ICT companies to identify digitally-enabled solutions
Bell technological solutionscarbon
enabling carbon abatement that already create value, as well as set new goals to increase value
technologies enabling abatement
in the future.
● Teleworking
The prevalence of Bell’s 5G network is accelerating positive impacts
9% 1% ● Dematerialization of wireless technology on the environment. According to a study
13% ● Conferencing solutions published by the CTA and Accenture(3), 5G reduces GHG emissions
43% ● Fleet management by allowing network operators to be more efficient and by enabling
● Other (energy management,
improved carbon abatement.
tank monitoring, bin management,
34% electronic billing, electronic learning
We seek to further help our customers reduce their carbon
and cloud services) footprints from the use of our products. Our next evaluation
of carbon savings enabled by our technological solutions is
scheduled to be conducted in 2024 .
(1) Taking into account the products and services for which Bell has developed the technology and plays a fundamental role in its delivery to clients, as well as the products and services
for which Bell has not developed the technology but enables it by providing the network. For more information about the carbon abatement ratio, please refer to About this report.
(2) The first and second analyses we performed (based on 2015 and 2017 data, respectively) focused on quantifying Bell’s carbon abatement ratio. In our third analysis, we updated the
quantification of Bell’s carbon abatement ratio based on 2020 data.
(3) Accelerating 5G in Canada: The Role of 5G in the Fight Against Climate Change by CTA and Accenture.
41
Contributing solutions to reduce other IoT-enabled cameras on vehicles help to protect the health and safety
environmental impacts GRI 303-1 of drivers and pedestrians. Bell’s integrated vehicle camera system
consists of interior and exterior cameras, sensors and a remote
Along with the transition to cloud-based services, businesses
driver coaching platform. Organizations are better able to mitigate
can use IoT to help reduce environmental impacts, conserve
aggressive driving and manage fatigue through the use of the tool.
energy and help protect employees, citizens and property when
damaging events occur.
Security solutions help maintain
Bell IoT solutions can help businesses, governments and others business continuity
manage their infrastructure and assets more efficiently. For example, Evolving cybersecurity attacks are a shared concern for
we offer a water monitoring solution to help prevent water damage or governments, businesses and the public.
loss caused by flooding or failed infrastructure through precise and
continuous monitoring, helping to reduce financial and environmental Bell is a longstanding leader in providing security services to Canadian
costs for municipalities caused by water damage. businesses and organizations, and we continue to secure banks,
governments, retailers, manufacturers and other organizations
Our fleet management solution helps organizations identify the shortest across the country to alleviate the challenge of investigating,
routes between stops and reduce total travel distance and time. detecting, mitigating and resolving cyber attacks.
Additionally, our Smart Supply Chain solutions offer other advantages International Data Corporation (IDC) Canada evaluates security
for long-haul transportation, such as remote temperature monitoring providers on their current capabilities and future strategies for
and controls for food transport to maintain food safety and reduce delivery of security services. Bell’s security leadership has been
food waste. consistently recognized by IDC since 2015, including in its most recent
Businesses can manage their communications needs and resources 2022 report(1).
more efficiently through the use of online and paperless tools such In 2023, Bell partnered with Palo Alto Networks, a multinational
as zero-touch ordering and online billing and invoicing, thus also cybersecurity company, to launch two new cloud-native application
reducing waste. protection platform (CNAPP) solutions: Cloud Security Posture
Assessment (CSPA) and Cloud Security Posture Protection (CSPP).
Benefits of enhanced connectivity These advanced cybersecurity solutions identify threats to enterprise
for health and safety data in the cloud and provide managed services to protect data
Bell IoT solutions can help businesses provide a safer, healthier across complex hybrid and multi-cloud environments.
work environment for their employees.
Subsequent to year-end in early 2024, Bell announced a collaboration
We help our customers comply with government health and safety with SentinelOne, a global leader in AI-powered security to provide
regulations, including Canada’s work-alone legislation, by monitoring extensive data protection services for Bell’s enterprise customers,
the location and status of field workers at all times. Lone Worker leveraging SentinelOne’s Singularity platform to provide endpoint
Safety solutions from Bell can track the location of field workers protection. With this new partnership, Bell will enhance its advanced
24/7 with GPS and real-time monitoring. They can then notify enterprise Security Operations Centre (SOC) Services to help
response teams automatically for immediate assistance in case of customers gain visibility and insight into data across their entire
an emergency. enterprise and act on it to secure their environments. This collaboration
Bell also offers a cloud-based workforce management solution that marks SentinelOne’s first partnership with a major telecommunications
uses situational awareness, allowing first responders to keep their company in Canada.
eyes, ears and hands on the job at all times. It simultaneously allows To learn more, visit Bell.ca/CyberSecurity
commanders or dispatchers to better track and manage their entire
operation, even when responders leave their vehicles.
(1) IDC MarketScape: Canadian Security Services 2022 Vendor Assessment.

Delivering compelling, original and meaningful content

Bell Media is Canada’s leading content creation company, providing Canadians with access to the most compelling entertainment,
news and information they want, when they want it. With premier assets across multiple platforms – including digital, television and
radio – Bell Media produces and distributes high-impact content that entertains, informs and reflects the people and communities we serve.
Our activities and outcomes Bell Media’s Crave is the only Canadian privately-owned bilingual
subscription-based streaming service. It is available to Canadians
Producing and delivering meaningful and original
with high-speed Internet access and through participating service
Canadian media content SASB SV-ME-000.B
providers. Crave produces and delivers premium Canadian programs,
Bell Media provides a wide range of choices for Canadians to movies and documentaries. It also features popular content from
access content that is compelling and relevant to them – such major international studios and thousands of hours of French-
as leading news, information, sports, music, movies and series. language content. In 2023, we introduced ad-supported tiers on Crave,
Notably, this includes original productions, made in Canada for and 2023 was the most watched year in Crave’s streaming history.
Canadian audiences. In sports, TSN, Canada’s sports leader(1), and RDS, the top French-
Bell Media has both advertising-based and subscription-based language sports network, deliver leading coverage of many major
on-demand platforms, as well as conventional linear services championships and events. TSN provides world-class content across
delivering access to local, national and international programming. five national television feeds, TSN.ca, TSN Radio and the TSN app as
Bell Media owns CTV, Canada’s top national network in primetime for well as TSN+, a new direct-to-consumer streaming product launched
22 consecutive years, and 35 local CTV and Noovo television stations in January 2023. RDS delivers a broad portfolio of French-language
in markets across the country. As of the end of 2023, it also owns sports programming across multiple platforms, including RDS, RDS2,
26 specialty channels, including sports leaders TSN and RDS; bilingual RDS INFO, RDS streaming, RDS.ca and the RDS app.
premium video streaming service Crave; and the Astral out-of-home
Bell Media local content production
advertising network. Bell Media is a partner in Montréal’s Grandé
Studios, Just for Laughs and Dome Productions, one of North
America’s leading production facilities providers. Bell Media also 1,300+ 37,100+
bought a minority stake in Sphère Media in 2023. Bell Media also owns hours of original hours of original
the iHeartRadio Canada brand encompassing 215 music channels, French content in 2023 English content in 2023
including 103 radio stations in 58 Canadian markets. In June 2023, we
announced our intent to divest three radio stations and in February
2024, we announced our intent to divest an additional 45 of our
103 radio stations, all subject to CRTC review and closing conditions.
In 2023, Bell Media produced more than
1,300 hours of original French content,
representing an increase of 4% compared
to 2022. The increases are due to our focus
on Québec original content to fuel Noovo
growth. Additionally, we produced more
than 37,100 hours of English-language
original content in 2023.
More Canadians are now turning to Bell
Media digital properties CTVNews.ca, CP24.
com and BNNBloomberg.ca and related apps
for local, national and international news.
French-language audiences are increasingly
turning to the noovo.info digital news service
launched in early 2022. The service produced
two times more viewings in 2023 compared
to the former Noovo ad-based, on-demand
service. Bell Media further engaged
with audiences on Noovo’s YouTube and
Facebook pages, on TikTok, and via special
radio broadcasts on Énergie and Rouge.
(1) Based on the depth and breadth of broadcasted sporting events, and TSN’s reach, according to data provided by Numeris, a data company providing audience data and insights
capturing media behaviours for the Canadian media industry, and TSN, the consumer preferred brand for live sports and sports news.
43
Bell Media also provides access to local radio programming and Bell Media’s investment in a variety of locally-made productions
additional content live and on-demand via the iHeartRadio website nurtures and promotes Canadian culture through content
and app. iHeartRadio Canada enables Canadians to find programming produced by Canadians for Canadians, and brings Canada to
important to them anywhere digital connectivity allows. the world.
In recent years, the Canadian broadcasting landscape has undergone Bell Media continued in 2023 to deliver popular shows like Transplant,
many changes with changing audience behaviour, declining ad The Amazing Race Canada, Sullivan’s Crossing, Children Ruin
revenues and the growth of foreign streaming giants. In 2023, the Everything, and Farming for Love on CTV, CTV.ca and the CTV app.
federal government adopted the Online Streaming Act, which Bell Media launched a new daily talk and lifestyle series, The
mandates that the CRTC create a new broadcasting framework Good Stuff with Mary Berg on CTV, and Canada’s number one
that is fit-for-purpose in the streaming age. The new framework will lifestyle program, The Social, continued to address topical issues
help to level the playing field by mandating that foreign streaming on CTV’s platforms and on X (formerly Twitter), Facebook, Instagram,
platforms do more to promote and fund the creation of Canadian YouTube and TikTok. Original content from Crave that debuted in 2023
content. As the consultation process continues, Bell will advocate for included critically-acclaimed Indigenous drama Little Bird, the 12th
a framework that takes into account the important role broadcasters and final season of Letterkenny, a second season of the Letterkenny
play in the system while reducing our overall regulatory burden. spin-off Shoresy, docuseries Billionaire Murders, Thunder Bay, and
Dark Side of The Ring; comedies The Dessert, Bria Mack Gets A Life,
Compelling content for Canadian and I Have Nothing, and Season four of Canada’s Drag Race. Crave
and international markets also forged a multi-year global partnership deal with creators of
Bell Media invests in producing high-quality content that Letterkenny and Shoresy to expand exclusive content creation for
resonates with Canadian and international audiences. These Crave. Popular French-language programming produced by Noovo
investments in content stimulate local economies and provide for 2023 included the dramas Affaire criminelle, L’empereur, Désobéir :
employment for Canadian actors, on-air personalities, comedians, le choix de Chantale Daigle and Aller simple : Survivre. Also featured
artists, writers, showrunners, directors, designers, technicians were variety shows Je viens vers toi, Le maître du jeu, L’amour est
and many other specialists and suppliers across the industry. dans le pré and Survivor Québec, which set a new audience record
In 2023, Bell Media made a licensing and distribution pact with in Québec with one million people tuning into the finale. A first for
FOX Entertainment Global to produce drama, comedy and unscripted Bell Media, we commissioned back-to-back English and French
series for CTV and Crave in Canada and FOX in the United States, as well productions based on the international reality format The Traitors
as for the global market. Bell Media also signed a long-term licensing for CTV and Noovo.
agreement with Warner Bros. Discovery, making Crave the Canadian MuchMusic has become the most followed Canadian entertainment
home of Warner Bros. Discovery content, including HBO Originals, brand with more than six million followers across X (formerly Twitter),
Max Originals, Warner Bros. films, the DC universe, and the Wizarding YouTube, Instagram, Facebook and TikTok, where our following doubled
World of Harry Potter. This deal includes English and French rights in the last year, reaching 4.2 million followers on the platform alone.
for all HBO and HBO Max Originals on Crave. These agreements
build on Bell Media’s strong relationships with international studios.

As part of the 2023 launch of TSN+, Bell Media acquired the exclusive diverse and inclusive content that resonates with audiences across the

Canadian media rights to the PGA Tour Live, giving viewers unique country. In 2023, Bell Media established a new fund designed to support
live streaming feeds from every round of every tournament. Bell emerging talent from diverse and equity-seeking backgrounds, by
Media continued its long-term relationship with the NFL in 2023, way of writing room opportunities, content creation, mentorship
highlighted by coverage of Super Bowl LVII from Arizona. TSN and and apprentice programs as well as incubators. In 2023, 45% of all
RDS also provided exclusive coverage in Canada of both the FIFA English-language entertainment programs commissioned were led
Women’s World Cup Australia & New Zealand 2023 and the 2023 by BIPOC or creatives from other equity-seeking communities, in key
Formula 1 Canadian Grand Prix in Montréal, in addition to ongoing roles behind and in front of the camera.
coverage of major sports, including the CFL, MLS, MLB, NBA, WNBA,
In 2023, Bell Media continued its ongoing support of major
regional NHL coverage, Seasons of Champions Curling, auto racing,
arts and culture festivals showcasing Canada’s rich diversity
professional golf and Grand Slam Tennis.
of content and creators. This includes the imagineNATIVE Film &
Additionally, TSN’s digital sub-brand BarDown continued to be one Media Arts Festival and the 27th edition of the Toronto Reel Asian
of Canada’s most engaging hockey-specific accounts across social International Film Festival. To further foster Indigenous on-screen
media platforms, led by the country’s two most-viewed original and production talent, Bell Media continues to co-develop and
hockey series on YouTube. co-produce with the Aboriginal Peoples Television Network (APTN).
With more co-development underway, this collaboration has led
Promoting inclusive and diverse content to co-producing the hit CTV comedy series Acting Good, set in the
Bell Media actively engages in DEIB initiatives. fictional fly-in community of Grouse Lake First Nation; award-winning
Crave original drama series Little Bird; and the soon to be released
In 2023, Bell Media continued to require diversity and inclusion plans Don’t Even.
for all original productions to help reduce barriers and promote
diversity in front of and behind the camera. We work with producers to Maintaining journalistic integrity and
conduct ongoing anti-bias training for all members of the production accuracy of information SASB SV-ME-270a.3
team and consult with the principles and guidelines put forward
We are responsible for telling Canada’s stories, reflecting the
by BIPOC industry organizations, such as “On-Screen Pathways
country and its multicultural and multiracial dynamics. To maintain
and Protocols” from the Indigenous Screen Office and “Being Seen:
the public trust, we must be impartial and remain independent
Directives for Creating Authentic and Inclusive Content” from the Black
from those seeking to influence our news programming.
Screen Office. We continue to invest in Festivale, the development
incubator administered by the Black Screen Office and forged a Bell Media tells Canadian stories that reflect our world as it truly
development partnership with the Vancouver Asian Film Festival exists. We are committed to impartial and independent news
to develop two scripted projects submitted through the festival. In reporting and journalistic integrity. Across our news and information
addition to participation in various mentorship programs, including platforms – local, national and international reporting – we provide
The Reelworld Producer Program and the National Screen Institute’s accurate, fair and relevant stories in compelling ways. We ensure
Series Incubator, the Bell Media Prime Time TV Program is working with our audiences have access to the information they need, when
the Canadian Film Centre to support development by creators from and where they need it. CTV News is a member of the Trust Project,
BIPOC communities. In partnership with BIPOC TV and Film, in 2023 we a global network of news organizations that affirms a strong
ran a second year of the Unscripted Producers Lab, a development commitment to transparency, accuracy, inclusion and fairness.
program for aspiring BIPOC producers and showrunners working Similarly, Noovo adheres to strict editorial standards and policies
in unscripted, factual and reality television production. This is an that support accurate, fair and complete journalism.
initiative that continues to align with Bell Media’s objective of producing
45
STRATEGIC OVERVIEW Value creation Our environment
Our environment
As Canada’s largest communications company (1), we strive to create an environmentally sustainable future through
responsible management of environmental impacts and mitigating the effects of climate change. Our stakeholders expect
that our environmental focus be defined by purposeful action, so we are making progress toward optimal resource use
by advancing our circular economy model and by seeking to reduce our GHG footprint.
To deliver on our strategic imperative to engage and invest in our
people and create a sustainable future, we endeavour to limit
our environmental impact throughout our operations, network
and entire value chain, and in the solutions we deliver. We strive for
Build the Operate with agility Engage and invest in
energy efficiency and resilience to climate-related disruptions, while best networks and cost efficiency our people and create
aiming to deliver cost efficiency for ourselves and our customers. a sustainable future

2023
PwC
Carbon neutral operations starting in 2025(3) (Scope 1 and 2
256,366 0.016% emissions and
YoY change)(4)
Science-based targets(5)
Greenhouse
1) Reduce our absolute scope 1 and scope 2 GHG
gas –2.5% No change PwC
emissions 58% by 2030, from a 2020 base year(6)
emissions(2)
2) Reach 64% of our suppliers by spend covering purchased Increased by 2
28% PwC(7)
goods and services with science-based targets by 2026 (2) percentage points
3) Reduce our absolute scope 3 GHG emissions from Increased by 38
categories other than purchased goods and services 42% 26% –
percentage points(9)
by 2030, from a 2020 base year(8)
Waste reduction: Reach and maintain a 15% reduction in Improved by 8
–16% PwC
total waste sent to landfill by 2025, from a 2019 base year percentage points
Hazardous waste: Divert 100% of generated hazardous waste
Circular 99% No change PwC
to certified recyclers by the end of 2024
economy
E-waste recovery: Recover 7 million used TV receivers, 7,760,323
Increased by
modems, mobile phones and Wi-Fi pods between October 1, 111% of 2023 PwC
2,953,523
2020 and September 30, 2023 target reached
Maintained
Maintain ISO 14001 certification Certified Bureau Veritas
Management 15th year in a row
approach Maintained
Maintain ISO 50001 certification Certified Bureau Veritas
4th year in a row
To learn more about Our environment, please see the following links:
— Our products and services web page — Climate action report, in alignment with the TCFD recommendations
— Our environment web page — Climate-related risks and opportunities disclosures summary
— ESG data summary — Our corporate responsibility approach

(2) For more information regarding our GHG targets, please refer to the section “About this report”.
(3) Performance is based on 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).
(5) The Science Based Targets initiative approved our targets in 2022, prior to the recalculation of our 2020 GHG emission base year. The impact of this recalculation is an increase of
our target to reduce absolute scope 1 and 2 GHG emissions by 58% instead of 57% by 2030, from a 2020 base year. The recalculated target was submitted to the SBTi for approval on
October 20, 2023.
(6) In line with a 1.5°C trajectory.
(7) Starting in 2023, PwC provided limited assurance over this indicator. See PwC’s assurance statement.
(8) Scope 3 categories covered by this target exclude indirect scope 3 GHG emissions from our purchased goods and services, 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.
(9) Emissions in categories 3 (fuel and energy related activity), 4 (upstream transportation and distribution) and 15 (investments) have increased due to a number of elements including spend,
revenue and emission factors. We are now moving more aggressively toward tackling our scope 3 emission and will continue to evolve our strategy aimed at reducing scope 3 GHG emissions.

A mature environmental management approach

Bell has been working to reduce the environmental impact of its operations for more than 30 years. Taking environmental actions reduces
risk, encourages investment in our company, aligns with customer expectations and helps us attract and retain skilled team members.
Our activities and outcomes As part of our objective to continue to improve and adopt
environmentally friendly practices in our productions, in 2023,
Environmental focus and continual improvement
Bell Media became a proud partner of the Rolling Green program.
Our Environmental Management System (EMS) powers our Managed by the Québec Film and Television Council (QFTC), the
actions as we aim to prevent and mitigate environmental impacts. Rolling Green program enables productions to reduce their ecological
Our objective of continuous improvement includes annually footprint and strengthen their environmental commitment.
reassessing our actions to improve how we address current and Bell also seeks to foster environmental innovation by engaging with
developing issues, with the objective of creating sustainable value for cleantech clusters, such as Écotech Québec, that are focused on
all stakeholders as we grow our business. Our EMS has been certified accelerating clean technologies. Through these partnerships, we
ISO 14001 since 2009, a first for any North American communications support local innovation and leverage cleantech entrepreneurs to
company. In 2020, we extended our governance to certify our Energy improve our environmental performance. Écotech Québec gives
Management System to the ISO 50001 standard. Both of these Bell access to 21 leading cleantech clusters around the world
systems support Bell’s operations in all jurisdictions that it operates in. through the International Cleantech Network. Bell’s environmental
Bell’s focus on environmental issues starts with mature programs policies, processes, training and awareness programs lead to the
seeking to reduce environmental impacts throughout our value development of innovative technological solutions that seek to limit
chain. While we continue to extend our network, our approach our environmental impact and maintain our ISO certifications.
seeks to ensure we act to protect biodiversity, reduce consumption
of resources, better manage our waste, prevent contamination and
maintain compliance with environmental regulations. Managing our
issues through our EMS enables us to exercise due diligence and legal
compliance, when managing environmental issues. Team members
access a series of training and awareness activities promoting and
reinforcing the proactive management of environmental impacts.
Climate change
As is the case for most companies, climate change poses risks to our operating environment and our ability to create value. To help mitigate
these risks, we aim to reduce our energy consumption and GHG emissions while continuing to adapt to the impacts of climate change.
Our activities and outcomes In order to mitigate climate change, companies need to understand
their carbon footprint. We’ve been measuring and disclosing on our
Mitigating climate change
GHG emissions and energy consumption for over 20 years and have
GRI 201-2, 302-4, 305-1, 305-2, 305-3, 305-5
been publicly disclosing them since 2003 through the CDP, a non-
As a responsible corporate citizen, Bell aims to do its part to help profit organization that gathers information on climate-related risks
fight climate change. Measuring our carbon footprint, setting and opportunities from organizations worldwide.
targets and building pathways toward reducing GHG emissions
enables us to operate more cost efficiently while contributing to Bell’s total GHG emissions
a low-carbon economy.
Tonnes of CO2 equivalent
Scope(1) 2020 2021 2022 2023

Scope 1 141,270 138,722 134,288 138,759
Scope 2 121,681 126,288 122,037 117,607
Scope 3(2) 1,915,577 1,866,521 1,859,908 1,916,629
Total 2,178,528 2,131,531 2,116,233 2,172,995
(1) Bell’s vertical integration affects the way the GHGs emitted by our business activities are allocated among our operational GHG emissions (scope 1 and scope 2) and our upstream and
downstream indirect GHG emissions (scope 3). For more details, see the Impact of the business model section of Our corporate responsibility approach complementary report.
(2) 2020, 2021 and 2022 data have been restated, see About this report section for details.
47
As one of Canada’s largest employers, we are driven to play a including the Board of Directors. Since 2008, our senior management-
role in mitigating the growing impacts of climate change. That is level Energy Board has worked to ensure the effectiveness of our
why we have been on this journey for the past 20 years and have energy management system by identifying and implementing energy
set milestones within the next few years to track our progress. efficiency initiatives across our operations. As the importance of
Our first targeted milestone is to achieve carbon neutrality for our taking action to limit climate change has increased, the Energy Board’s
operational GHG emissions (scope 1 and 2 only) starting in 2025. mandate has evolved to include objectives to attain GHG emission
We’ve also set near-term science-based targets designed as a reduction targets.
first milestone to do our part to help curb global temperature rise
Further engagement with our employees is occurring through the
well below 2°C above pre-industrial levels and pursue efforts to
Carbon Reduction Task Force and the Innovation Working Group.
help limit warming to 1.5°C. These targets are approved by the SBTi:
These committees assist in identifying initiatives to reduce energy
— Reduce our absolute operational GHG emissions consumption, set business function level targets, spur innovation
(scope 1 and 2) 58% by 2030, from a 2020 baseline and propose projects for the Green Budget, a dedicated annual fund
year – in line with a 1.5°C trajectory(1) to decarbonize our operations. Our climate change strategy and
— Reach 64% of our suppliers by spend covering progress toward targets are reported through the year to various
purchased goods and services with science-based senior level committees within Bell including the Board of Directors.
targets by 2026
We are collaborating with partners, such as the GeSI, the Global
— Reduce our absolute scope 3 GHG emissions from all System for Mobile Communications Association (GSMA), the
categories (other than from purchased goods and Excellence in Corporate Environmental Leadership (EXCEL)
services) 42% by 2030, from a 2020 baseline year Partnership, the Canadian Business for Social Responsibility (CBSR),
These targets will help us transition to net zero, which is our main and Canada’s Net-Zero Leaderboard, to develop best practices
objective. We have yet to set our net zero target, but we will continue in defining and supporting actions to transition to a low-carbon
to innovate, refine our technologies and pursue internal initiatives economy. In addition, our partnership with Tree Canada enables Bell
with that objective in mind. to play a role in mitigating climate change across Canada, by planting
trees which reduce GHGs by acting as a carbon sink. To date, Bell
In seeking to achieve our targets, we will need collaboration from team members have planted thousands of trees across the country
our employees, suppliers and supply chain partners. Over the past in celebration of National Tree Day.
20 years, we’ve embedded the responsibility of reducing energy
consumption across all management levels of the organization,
Below is our proportion of emissions among all GHG emissions categories across our whole value chain.
Upstream emissions Operational emissions

Scope 3 Scope 1
Purchased goods Fuel consumption

and services Fuel consumed by fleet vehicles,
buildings, telecommunication Downstream emissions
Scope 3
towers and generators
Investments
SBT2
66% SBT1
7%
Fuel- and
energy-related activities SBT3
4.5%
Use of sold products
Bell
SBT3
9% operations
Communication and
Business travel and Technology Services
employee commuting Bell Media SBT3
2%
Other indirect emissions
SBT3
0.5% Transportation and distribution,
end-of-life treatment of sold
Scope 2
products, franchises
Other indirect emissions Electricity consumption
Capital goods, transportation
and distribution, waste generated
Electricity consumed within
our buildings and network
SBT3
1%
in operations
SBT3
5% SBT1
5% Carbon neutral Science Based Targets
(1) The Science Based Targets initiative approved our targets in 2022, prior to the recalculation of our 2020 GHG emission base year. The impact of this recalculation is an increase of
our target to reduce absolute scope 1 and 2 GHG emissions by 58% instead of 57% by 2030, from a 2020 base year. The recalculated target was submitted to the SBTi for approval on
October 20, 2023.

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 emissions that will not have been avoided by
internal initiatives, in addition to RECs to reduce our scope 2 emissions.
Our ability to achieve our operational (scope 1 and 2) GHG emissions
reduction targets is subject to certain risks described in the section
entitled Caution regarding forward-looking statements of this
Strategic overview and depends on various assumptions including,
without limitation, the following:
— supply chain challenges with the availability of electric cars that
suit the needs of our operations have influenced our strategy to
look for alternative zero emission models
— the implementation of various corporate initiatives to reduce direct
GHG emissions
— our ability to purchase sufficient high-quality credible carbon
credits and acceptable RECs according to the SBTi guidelines
Our energy management system allows us to track initiatives, monitor
progress and ensure we reduce our energy consumption. We are proud
to be the first communications company(1) in North America to have
our energy management system ISO 50001 certified, instilling a more
systematic approach and facilitating continuous improvement on this
metric. Bell’s energy intensity ratio, described below, is a metric we use
to track our progress. This metric illustrates the energy footprint of our
operations in a meaningful way, comparing our energy consumption
(from electricity and fuel consumption) to our network usage(2). The
decrease in Bell’s energy intensity ratio over the years reflects the
carbon reduction-enabling capabilities of our products and services.
Our action plan to reduce our direct emissions (scope 1 & 2) Bell’s energy intensity GRI 302-3, 305-4
Our action plan includes initiatives such as: Energy consumption (MWh equivalent)
— reducing our fuel consumption through our ongoing fleet divided by network usage (petabytes)
modernization and electrification. In 2023, we replaced 1,079 older 151
vehicles with more fuel-efficient models, and we currently have
332 electric and 66 hybrid vehicles in service; 111
103 99
— reducing electricity usage by optimizing facility and equipment
heating and cooling, implementing LED lighting conversions,
modernizing our network equipment, as well as working to
consolidate, optimize and virtualize servers;
— reducing our real estate footprint; 20 21 22 23
— maintaining LEED (Leadership in Energy and Environmental Design)
and BOMA BEST (Building Owners and Managers Association’s
Building Environmental Standards) certification which includes
improved energy efficiency; and
— the procurement of renewable energy certificates (RECs).
(1) Bell’s review in 2020 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 receive ISO 50001 certification.
(2) Network usage is the amount of data moving across the network; it is measured in petabytes. One petabyte is equal to 1,048,576 gigabytes (GB).
49
Our action plan to reduce our indirect emissions (scope 3) As a supporter of the recommendations of the Task Force on Climate-
Initiatives to reduce our upstream and downstream indirect GHG related Financial Disclosures (TCFD), Bell started disclosing based
emissions include collaboration with industry peers, supplier on TCFD recommendations in 2018. Since 2003, we have reported
education and improved contractual agreements. We seek to reduce on our climate change mitigation and adaptation efforts through
other indirect emissions by dematerializing our real estate footprint the CDP, which gathers information on climate-related risks and
and products distributed, and by collaborating with our dealer stores opportunities from organizations worldwide. In 2023, we obtained
and companies in which we hold non-controlling interests to reduce an A- score from the CDP, ranking us in the “Leadership Band” for
their emissions. the eighth consecutive year, recognizing our efforts taken regarding
climate action and alignment with current best practices, and the
Our ability to achieve our indirect scope 3 GHG emissions reduction
transparency of our climate-related disclosures. We continue
targets is subject to more uncertainty than our ability to achieve our
monitoring the physical and transitional risks identified through our
scope 1 and 2 GHG emissions reduction targets as we must rely on
climate-related scenario analysis in an attempt to better understand
external actions and factors, and is subject to certain risks described
the potential impacts of climate change across different warming
in the section Caution regarding forward-looking statements in this
and socioeconomic scenarios across the short (five years), medium
Strategic overview and depends on certain assumptions including
(10 years) and long term (20 years).
but not limited to:
— sufficient supplier engagement and collaboration in setting their Becoming resilient to climate change
own science-based targets, no significant change in the allocation
Adapting to the impacts and consequences of climate change by
of our spend by supplier and sufficient collaboration with partners
building greater resiliency into our business is crucial to ensuring
in reducing their own GHG emissions.
business continuity and value creation.
— the implementation of various corporate and business initiatives
to reduce our electricity and fuel consumption, as well as reduce Our ability to create value also depends on our adaptability, as
other indirect GHG emissions enablers. the economy shifts toward a less GHG-intensive economy. Our
operations depend on how well we prepare our networks and
Addressing climate-related risks and opportunities facilities to withstand damages from natural disasters, as those events
increase in frequency, magnitude and intensity year-over-year.
By analyzing our exposure to climate-related risks and identifying
This includes severe-weather events such as ice and snow storms,
opportunities, we can both guide our internal actions and keep
windstorms, flooding, wildfires and tornadoes. We identify and seek to
our stakeholders informed, including regular reporting on our
address these challenges through our Climate Resiliency Task Force.
energy performance and associated GHG emissions.
By analyzing our exposure to climate-related risks and identifying
opportunities, we can both guide our internal actions and keep our
stakeholders informed.

Circular economy

Since the success of our value creation relies on the efficient use of resources, we are advancing our circular economy approach to
focus on solutions that detach growth from accelerating raw material consumption in order to reduce the environmental impact of our
operations. Waste reduction is essential to improving our operational efficiency by generating economic benefits, and aligning with
the values and expectations of our employees and customers.
To manage the existing overlaps between the SDGs and our circular economy approach, Bell co-created a guide with the Global Compact
Network Canada to establish how the circular economy principles complement the SDGs. Discussions on opportunities, challenges and best
practices helped identify solutions that can be implemented within organizations. This approach was intended to inspire further action on
the applicable SDGs, and promote the transition toward a circular economy in the Canadian market.
To learn more, read Leveraging a Circular Economy to Fast-track the SDGs: A Guide for an Integrated Approach.

Responsible procurement of goods
and services GRI 2-28
Our focus on reducing waste and pollution in our supply chain
enables us to build and sustain more resilient processes while
limiting costs throughout our business.
To reduce waste and pollution in our supply chain, we start by
evaluating our suppliers based on environmental risks and by setting
contractual sustainability criteria to minimize environmental impacts.
The criteria address the use of toxic substances, heavy minerals, the
recyclability of materials, the identification of plastics used, energy
efficiency and the impact on our carbon footprint.
Bell requires that sustainable criteria be applied to contracts for the
purchase of electronic products, aiming to ensure they are energy
efficient. We participate in the Canadian Energy Efficiency Voluntary
Agreement (CEEVA), whose program for TV set-top boxes (STBs) aims
to complement the ENERGY STAR program in Canada. CEEVA’s Small Bell is also focused on reducing waste by limiting the use of single-
Network Equipment (SNE) program aims to improve the energy use plastics and requiring sustainable packaging for all contracts
efficiency of these devices without compromising rapidly evolving related to tangible goods we resell to customers or use internally.
technological advancements or customer usability. Through this Embedding circularity deeper into our operations strengthens our
voluntary agreement, Bell aims to improve the energy efficiency of path toward an enhanced value chain. This includes integrating ways
STBs and SNE in accordance with the agreement’s standards. to eliminate unnecessary waste into our process.
Bell’s circular economy pillars Transforming consumption through circular models

Bell operates reuse and repair/refurbishment programs that
allow us to extend the useful life of products and materials.
Over the years, we have implemented several reuse, maintenance,
repair and refurbishment initiatives, including setting up internal
repair shops at a number of work centres to repair tools and ladders.
Giving Initiatives such as a reverse logistics process to ensure the repair
new life to and reuse of our wooden cable reels used to wind, transport and
resources
Responsible lay cables, provide a source of value creation for the company in
Bell’s procurement terms of potentially reducing consumption associated with product-
circular of goods and life extension and minimizing the purchase of new material, thereby
economy services reducing cost. Bell provides national take-back programs, drop-
boxes and mail-in instructions that make recovery of end-of-life
pillars
consumer electronics easy and efficient. By renting STBs, modems
and Wi-Fi pods, Bell maintains ownership of the equipment, allowing
Transforming us to manage their maintenance, repair and reuse, diverting
consumption electronic waste from landfill. We also provide return and repair
through circular services through in-store drop-off and prepaid mailing labels to all
models customers using rental products. In 2023, our recovery programs
diverted more than 5,379 metric tonnes of customer electronic
devices away from landfill.
51
We had set a three-year e-waste goal of collecting seven million used Overall waste production
STBs, TV receivers, modems, mobile phones and Wi-Fi pods between

January 2021 and the end of 2023, to help divert as much e-waste
from landfill as possible. We are proud to have exceeded this goal
with the collection of 7,760,323 devices between October 1, 2020 and 20%
24%
September 30, 2023(1).
We will continue our efforts to reduce e-waste from landfill.
● 24% Office
We are exploring the merit of a new e-waste target while keeping
the number of customer-facing electronic devices we recover as 56% ● 56% Operations
a key metric to monitor our performance. ● 20% Customer facing
Customer devices recovered between

October 1, 2020 and September 30, 2023(1) (2) We have also partnered with World Wildlife Fund Canada (WWF-
Canada) to support their ambitious 10-year Regenerate Canada plan
2021 2,462,098 to fight biodiversity loss and climate change. By returning used mobile
devices to Bell through the Bell Blue Box program, our customers are
2022 2,326,681 Total 4,788,779 also playing a role, as we donate the net proceeds of the residual
value of these mobile devices to WWF-Canada, advancing their goal of
2023 Cumulative target: 7 million 7,760,323
restoring one million hectares of land, stewarding 100 million hectares
of vital ecosystems and introducing nature-based climate solutions
that will reduce carbon emissions by 30 million tonnes.
Giving new life to resources and
diverting waste GRI 301-3, 306-1, 306-2, 306-3 Managing hazardous waste through
We seek to minimize our environmental impact by collaborating compliance programs GRI 306-2
with suppliers to redirect, reuse, repurpose and recycle materials At Bell, we have established compliance programs that seek to
from our waste streams wherever possible, ensure compliance manage residual materials defined by law as hazardous.
with legal environmental regulations and avoid hazardous
Network batteries account for the greatest proportion of hazardous
incidents.
materials generated at Bell. Other hazardous materials that
To help reduce our environmental footprint, we have set a corporate we generate include aerosols, absorbents, oily containers and
objective to reduce 15% of waste sent to landfill by 2025, from a 2019 fluorescent tubes. When these materials are not properly handled
base year. We have already exceeded this target by diverting a total or disposed of, contaminants can enter the atmosphere, migrate
of 16% waste from landfill compared to a 2019 baseline. Efforts will through the soil or even leach into groundwater. Our internal
continue to further divert waste from landfill while we work in 2024 standards, which include the proper storage, transportation and
to set a new waste reduction target. disposal of hazardous waste, are applied across our operations.
Several of our initiatives are mature and embedded in the way we
do business such as our recycling programs for telecommunications
copper cables, terminals, utility poles, cable reels, wood pallets, and
lead-acid batteries. In 2023, we created the Circular Economy Task
Force, a cross-functional team engaged to identify and implement
new initiatives to further divert waste from landfill and advance our
circular economy approach. The Task Force has developed a three-
year strategy on how we can make more of an impact to reduce our
environmental footprint.
To support our corporate objective to divert waste from landfill, we
have partnered with various organizations such as the Centre de
Formation en Entreprise et Récupération (CFER), a training centre that
teaches youth useful skills on equipment recovery and refurbishment.
Dating back to 2001, CFER collects and sorts recyclable materials
generated at 16 of our work centres in Québec, increasing our
diversion rate.
(1) 2021 is the base year for the KPI Recover 7 million used TV receivers, modems, mobile phones and Wi-Fi pods between October 1, 2020 and September 30, 2023.

STRATEGIC OVERVIEW Value creation Our people
Our people
Our team members come from diverse backgrounds and possess unique skills that deliver value across our business.
We engage and invest in our people to create a sustainable future along with a thriving, productive and creative workforce.
Engaged team members are better positioned to develop innovative
services that accelerate growth and to personally champion the
customer experience.
Engage and invest in Drive growth Champion customer
our people and create with innovative services experience
a sustainable future

2023
Team member 90% of people leaders complete mandatory base training +3 percentage
94% PwC(2)
well-being on mental health(1) point
Report our lost time accident frequency rate Worsened
Health and safety 1.37 PwC
(accident per 200,000 hours of work)(3) by 0.17
–3 percentage
35% gender diverse directors on the Board 33%(5) PwC(6)
points
Gender diversity(4)
35% gender diverse representation in executive positions
32% No change PwC
(vice president level and above) by the end of 2025
25% BIPOC representation in Bell senior management
23% No change PwC
(director level and executives) by 2025
BIPOC representation
40% BIPOC representation in new graduate and +14 percentage
66% PwC
intern hires(7) points
Team member Reach and maintain an overall team member engagement –3 percentage
73% PwC
engagement score of 75%(8) points
To learn more about Our people, please see the following links:
— Our people web page
— Empowering voices and fostering a space for all
(1) Mental health base training is reflected as the Module 1 of mental health training.
(3) 2020, 2021 and 2022 data has been restated, see About this report section for details.
(4) Gender diverse is defined as a person who identifies as a woman or with a gender other than a man or a woman.
(5) In November 2023, Johan Wibergh was appointed to the BCE Board, following which, 33% of all directors identified as women. With the increase in the number of directors upon his
appointment, the BCE Board is temporarily below the target, to allow for an orderly transition ahead of the retirements of David F, Denison and Robert C. Simmonds at the 2024 Annual
General Shareholder Meeting (the Meeting) in May. The target will be met again if all director nominees are elected at the Meeting, after which directors identifying as women will
represent 38% of all directors.
(6) Starting in 2023, PwC provided limited assurance over this indicator. See PwC’s assurance statement.
(7) 2023 BIPOC representation data for new grads and intern hires includes both self-identification questionnaire data and recruitment diversity data.
(8) This metric is calculated as the average score obtained in the annual Bell team member satisfaction survey. The team member engagement score is based on five specific questions
and the percentage of employees who responded favourably (strongly agree or agree) to the questions out of the total number of employees who responded to the survey.
53
Team member well-being
To support the Bell team, we strive for a dynamic culture where all team members feel valued and respected in a safe, supportive
environment. We offer inclusive benefits, ongoing education and awareness programs, and a range of progressive initiatives to foster
well-being and success.
Our activities and outcomes All Bell leaders are required to complete the Workplace Mental Health
Leadership training, a widely-used program that, upon completion,
Fostering a healthy and fulfilling workplace GRI 410-1
results in certification from Queen’s University. In 2023, as part of
Bell’s Employee Value Proposition provides a clear statement Bell’s commitment to lead by example and encourage a corporate
of our unique culture, what team members value most about call to action across Canada, we made the program available to
working at Bell, and how we strive to make Bell a place where external partners and clients at no cost.
every employee has opportunities to grow, make an impact and
Bell provides a variety of mental health benefits and support resources
feel like they belong.
to team members and their families, including our Employee and Family
A diverse, respectful and inclusive workplace is critical to Bell’s culture Assistance Program, which has above industry average utilization
and our team’s success. We uphold the human rights of our team rates; coverage for unlimited usage of mental health support services
members and strive to ensure our workplace is free from harassment, and short- and long-term disability benefits programs. We also
violence and discrimination. enhanced our disability benefits program and successfully launched
Our respectful workplace program and enhanced Human Rights and a pharmacogenetics program at no cost to employees on short-term
Accommodation policy include prevention-focused training, a zero- mental health leave to help them find the right medication at the right
tolerance approach to workplace harassment and violence, and an dosage to better support them through their disability journey.
internal mediation program and guidance for anyone experiencing To learn more, see our Mental health policy.
family or intimate partner violence. We have a team of trained
professionals who provide support to team members and investigate Providing competitive compensation,
complaints of harassment and violence. We also launched instructor- benefits and resources GRI 201-3, 401-2
led training on creating a respectful work environment to 510 leaders Bell provides team members with competitive total compensation
and will continue to offer this to additional leaders in 2024, and also packages that reflect inclusive practices to attract, engage and
extend this training to team members in 2024. retain top talent.
Strengthening mental health in the workplace Bell’s compensation package includes a competitive base salary,
strong performance incentives, and retirement plans managed under
Taking action to promote and support the mental health and
a comprehensive governance structure, including a responsible
well-being of our team members makes Bell stronger and creates
investing policy. Together, this represents a total compensation
a positive impact that goes beyond our company.
package that is comparable with other large Canadian employers.
At Bell, we support mental health in a variety of ways, including
We recognize our team members’ performance by aligning their
unlimited mental health benefits, and resources and training for
compensation with progress on Bell’s six strategic imperatives and
leaders and team members on resiliency, stress management,
financial performance, as well as their individual achievements. The
emotional intelligence and managing mental health challenges.
majority of team members participate in the Achievement Incentive
Since we launched our workplace mental health program in 2010, we Plan, which in recent years has paid out near target.
have hosted almost 1,721 mental health awareness and anti-stigma
Team members also have comprehensive, employer-paid group
campaigns and events, and continue to measure over 90 metrics
health plans, paid sickness and disability leaves, vacation days and
every quarter to monitor progress. In 2023, 32,355 employees
a flexible holiday policy.
participated in such events and reported a 94% satisfaction rate.

Additionally, we offer savings and wealth-building opportunities, such Maintaining strong health and
as an employee share-purchase plan (ESP) with company matching safety practices GRI 403-2
contributions, a Group Tax-Free Savings Account (Group TFSA) and
Protecting the health and safety of our team is our top priority.
a Group Retirement Savings Plan (Group RSP).
We strive to create an environment where everyone feels safe.
We modernized our benefits program in January 2023 to offer more
Our occupational health and safety management system aligns
flexibility and enhanced wellness support. This includes new life
with the International Organization for Standardization (ISO) 45001
insurance, disability and health plan options, as well as a new lifestyle
standard. All of our business units have designated health and
account that can be used to cover wellness and other lifestyle spending.
safety coordinators. This structure is designed to ensure continuous
We also implemented a new gender affirmation benefit to provide
reporting to the Health and Safety governance team and compliance
financial support to plan members during their transitioning process.
with operational requirements.
Building on these improvements, in January 2024, new family
Working in partnership with team members and union representatives,
planning enhancements, which include adoption and surrogacy
we support eight Corporate Health and Safety (H&S) Committees,
benefits and additional fertility treatment coverage, were made
135 Local H&S Committees, and 591 Safety Representatives.
available. We also expanded eligible expenses under the lifestyle
In compliance with occupational health and safety regulations,
account and the list of eligible professional practitioners.
these committees and representatives cover our operations
Furthermore, we made new pension and savings options available throughout Canada with representation from operational and
to team members in January 2024. This includes two new savings clerical functions. The committees meet periodically to address
options: a Group First Home Savings Account (Group FHSA) and a health and safety challenges, collectively perform over 7,000 annual
Short-term Tax-Free Savings Account (Short-term TFSA). Eligible workplace inspections, and collaborate with the Corporate Health
team members who participate in the Bell Defined Contribution (DC) and Safety team on the development and implementation of
pension plan now have the option to reallocate up to 2% of their prevention programs. We maintain our focus on prevention by
voluntary payroll contributions to the Group RSP, the Group TFSA, the continually improving hazard-prevention programs and assessing
new Group FHSA or the new Short-term TFSA, while still benefiting the company’s various functions for potential risks.
from the company match in their DC account.
Prevention plans, pre-work hazard assessments, extensive
These recent improvements help address the diverse interests and communications related to safe work practices, and record volumes of
needs of our team members and support our Strategic Imperative training hours and manager field observations continued throughout
to engage and invest in our people and create a sustainable future. 2023. While Bell’s overall lost-time accident frequency rate increased
to 1.37(2), this is attributable to an increase in installations and repairs
We provide equitable compensation based on skills, role, performance
that required the use of a ladder. Technicians completed more
and the external market, regardless of gender, age, disability, gender
customer orders that required more frequent ladder manipulation
identity and expression, sexual orientation, race, ethnicity, cultural
and climbing, which in turn increased the risk of injury. Throughout
heritage or creed. We perform frequent wage-gap analyses to seek
2024, we will continue to increase focus on proper ladder handling
alignment with our diversity, equity, inclusion and belonging objectives.
and climbing procedures.
To seek to maintain our market competitiveness, we conduct ongoing
market reviews using best-in-class(1) compensation surveys.
(1) The survey providers (Mercer, Willis Towers Watson & Aon Radford) have been conducting these surveys for several decades. The compensation surveys reference top employers in
Canada and internationally, and group together large employers with similar revenue size, which enables us to make better comparisons.
(2) PwC provided limited assurance over this indicator. See PwC’s assurance statement. Bell’s vertical integration affects our overall lost-time accident frequency. For more details, see
the Impact of the business model section of Our corporate responsibility approach complementary report.
55
Diversity, equity, inclusion and belonging

At Bell, we are proud of our focus on fostering a diverse, inclusive, equitable and accessible workplace where all team members feel
valued, respected and supported. The integration of diversity, equity, inclusion and belonging programs within Bell fosters the innovation
and creativity of our team members.
Our activities and progress than a man or a woman. This target was met from its adoption until
the appointment of Johan Wibergh to the BCE Board on November
Demonstrating organizational 1, 2023, following which 33% of all directors identified as women.
leadership and commitment With the increase in the number of directors upon his appointment,
Ensuring that our workforce at all levels reflects the diversity of the Board is temporarily below the target to allow for an orderly
society at large helps us to enrich collaboration among teams, transition ahead of the retirements of David F, Denison and Robert C.
drives business growth and is crucial for delivering innovative Simmonds at the Annual General Shareholder Meeting (the Meeting)
solutions that meet our diverse customers’ needs. in May 2024. The target will be met again if all director nominees are
Our Diversity Leadership Council (DLC) defines Bell’s DEIB strategy elected at the Meeting, after which directors identifying as women
and develops company-wide implementation plans to align with will represent 38% of all directors.
corporate goals. The DLC comprises 17 senior leaders who represent We also have a target of at least 35% gender diverse leaders at the vice
each business unit and the markets we serve across Canada. In president level and above by the end of 2025, and at the end of 2023, we
addition to the DLC, our governance framework includes a dedicated were at 32% for executives(2). In 2023, female representation decreased
DEIB team, business unit committees and Employee Resource Groups, by 9.1 percentage points within the Executive Office, decreased by
including Black Professionals at Bell, Diversability at Bell, Pride at Bell 1.1 percentage points at the senior vice president level, and increased
and Women at Bell. In 2023, we introduced a new DEIB Community of by 1.4 percentage points at the vice president level. In addition, BIPOC
Practice whose goal is to share best practices across the organization. representation has decreased by 1.5 percentage points at the senior vice
We have maintained our strategic focus on making our senior leader- president level and by 0.5 percentage points at the vice president level.
ship team more representative of our overall team member demo- Bell continues to take meaningful actions to address the impacts
graphics. We achieve this through effective talent management of systemic racism experienced by BIPOC. Our goal is to reach at
strategies and development programs for high-potential leaders, as least 25% BIPOC representation in our senior management (director
well as mentoring, coaching and sponsorship. level and executives) team by 2025. As of the end of 2023, we were
In line with our objective to improve gender diversity, we were a at 23%(2). We exceeded our target of 40% BIPOC representation in
signatory to the Catalyst Accord 2022(1) and are a member of the our new graduate and intern hires, achieving 66% representation(2).
30% Club. Our current gender diversity target is a minimum of 35% Bell continues working toward Progressive Aboriginal Relations (PAR)
gender diverse directors on the BCE Board, defined as directors who program certification and meeting the framework requirements as
identify as women and directors who identify with a gender other established by the Canadian Council for Aboriginal Business (CCAB).

Attracting diverse talent

Gender diverse Target
36% 36%
Directors on the 33%
35%
As we continue to lead in a fiercely competitive marketplace, and
BCE Board (in %)(1) transition from a telecommunications company to a tech services
and digital media leader, we are actively engaged in initiatives
aimed at nurturing diverse talent.
Our focus is on recruiting and selecting candidates who mirror the
21 22 23
customers and communities we serve and meeting our objective
to prioritize the recruitment of individuals from underrepresented
groups. We achieve this by advertising job opportunities and
BIPOC Target by 2025 partnering on career-focused events and programs with
representation 23% 23%
25%
organizations that connect us with high-potential talent from BIPOC,
in senior 20%
persons with disabilities, and 2SLGBTQIA+ communities. We also
management work with partners that connect us with refugees and newcomers
(director-level
to Canada.
and executives)
(in %)(1) (2) Bell also continues to advocate for more women and other
21 22 23 underrepresented groups to take on roles in science, technology,
engineering and mathematics (STEM). We collaborate with many
organizations to promote STEM-related roles within Bell and advance
Engaging with teams on diversity opportunities for women in this field.
We engage with team members to enhance understanding and
Our ongoing efforts to bring diverse talent into the organization
demonstrate how diverse perspectives contribute to better
contribute to a more engaged and inclusive workforce where
outcomes and enable teams to share a common vision.
different perspectives are welcome, enabling our teams to
As part of our effort to advance our DEIB strategy, we annually unlock new possibilities. In 2023, we conducted a gap analysis on
consult with members of various identity groups to understand their recruitment processes, with a focus on accessibility, and developed
experiences at work. In conjunction with our Team Survey results, an implementation plan to address the identified gaps to better meet
we analyzed the insights of these consultations to identify areas of the needs of team members and job applicants with disabilities.
opportunity.
Our DEIB strategy and self-disclosure rate increased by 12% to a total
of 89%. We attribute this increase to newly launched engagement
efforts in 2023 that generated awareness, resulting in a stronger
understanding of the representation of women, BIPOC and persons
with disabilities in our workforce.
57
Team member engagement and development
Bell employs highly skilled, dynamic and engaged individuals who we want to see grow and succeed. We are better when we invest in
our team’s development through learning programs, recognition and engagement to ensure that each team member feels a sense of
belonging with unparalleled opportunities to grow and make an impact.
Our activities and outcomes Fostering a culture of continuous

learning and development
Listening to ensure we adapt
We strive to help team members accelerate their personal and
We listen to our team members and leverage their voices in the
professional development, so they can advance their careers at
design and development of our workplace practices.
Bell, which promotes team member performance and retention.
Our annual Team Survey is a key tool for capturing both quantitative
Bell offers many resources for continuous learning which help team
and qualitative data, which we use to evaluate the degree of team
members develop new skills, expand their knowledge and broaden
member engagement with questions about communication,
their outlook beyond essential training and on-the-job learning. No
recognition, trust and respect.
matter the role at Bell, there are important standards of behaviour
83% of team members participated in the 2023 survey. The overall and key expectations that embody our values and principles.
engagement score was 73%(1), two points below our target. 77% of We require certain training programs for our team members: Code
team members reported that they are proud to work for Bell and of Business Conduct (CoBC), Mental Health, Inclusive leadership, and
77% were pleased to see how their individual work contributes to the our Be Principles. These are mandatory interactive modules that help
company’s success. instill the behaviours that best adhere to our CoBC.
In 2023, we continued the CEO Dialogue initiative and invited team All Bell team members have access to thousands of high-quality
members from various levels in the organization to participate in one courses featuring leading experts on a wide range of business,
of four focus groups with our CEO, Mirko Bibic. This direct dialogue technology, creative, personal growth and professional development
strives to create a better understanding of internal challenges and topics from world-class learning providers. With over one million
fosters discussion with executive leadership that goes beyond videos viewed in 2023, we are at the 75th percentile(2) compared to
traditional reporting structures. similar organizations.
Through Bell U, Bell’s virtual university, team members can continually
Connecting to our employee values
upskill and reskill with a special focus on high-tech, including AI,
We continue to leverage our Employee Value Proposition as cybersecurity, cloud and software development. We offer eight-
an anchor for our employee experience programs to reinforce month structured programs that include a two-month full-time
what team members have told us they value about working internal internship to qualified applicants. At the end of the program,
at Bell. participants are qualified to work in a high-tech field. We also offer
Bell strives to be a place where team members can make an impact, a self-paced approach to each of the 4,500 members of our high-
immerse themselves in opportunities, and feel a sense of belonging. tech community. More than 35,000 skills were assessed and over
45,000 training items completed. At Gartner’s annual ReimagineHR
Moreover, in 2023, we launched various initiatives to respond to team conference, Bell U received international recognition and was
members’ desire to engage in environmental action, including tree highlighted as an impactful use case on virtual learning.
planting activities.
(2) Provided by LinkedIn as part of a quarterly review conducted in Q4 2023, benchmarked against other large companies with a minimum of 10,000 licenses purchased for LinkedIn’s
learning platform.

In 2023, we announced Bell’s new leadership attributes. They have Building strong relationships with

been designed to foster the company-wide transformational mindset labour unions GRI 2-30, 407-1
that we need to succeed, and include: Champions the customer,
Acts to grow our business, Drives results with superior execution, The positive engagement of our unionized team members is key
Communicates clearly and Promotes belonging. to Bell’s success, and we aim to negotiate collective agreements
that deliver competitive labour conditions and uninterrupted
Our leadership programs are customized and adapted to support service to our customers.
leaders at all stages of their careers, whether they are relatively new
to the company, are established Bell leaders or have been identified Our employees have the inherent right to associate with labour
as Bell’s next generation of leaders. unions and enter into collective bargaining, and positive, long-
term relationships with unions representing BCE team members is
In addition, we offer access to a mentor matching platform that an ongoing priority. Approximately 42% of all Bell team members
facilitates building human connections. In 2023, over 1,200 mentoring are represented by labour unions in Canada. Our unionized team
relationships were established. We believe in recognizing team members belong to 61 different bargaining units represented
member contributions that enable us to deliver on our purpose: by 13 different labour unions. Our various collective agreements
advancing how Canadians connect with each other and the world. reinforce the importance of having a fair, inclusive and accessible
Through our unified recognition program, Better Together, we workplace where everyone feels valued, respected and supported.
recognize and celebrate team members’ contributions and celebrate Different collective agreement provisions include:
service anniversary milestones. Over 93% of team members are — joint labour-union committees that provide an opportunity to
engaged, and 81% of our leaders are active in the tool each month, discuss important matters while improving relationships between
facilitating over 260,000 peer-to-peer recognition gestures. Better the parties;
Together provides a meaningful and fun way for Bell teams to connect
— a well-defined grievance procedure;
and celebrate milestones.
— transfer and job posting procedures to facilitate professional
The Bravo Award is the most prestigious award at Bell and is given in mobility;
recognition of outstanding performance by individuals and teams.
— advance notice and discussion with unions prior to implementation
We also honour our retirees to recognize and thank them for their
of significant changes impacting team members; and
contributions. These programs contribute to thousands of tangible
awards for Bell team members. — restructuring and layoffs, including the payment of severance pay
and redeployment considerations.
59
STRATEGIC OVERVIEW Value creation Our financial resources
Our financial resources

Our capital comes from our investors, lenders and free cash flow that is generated from our operations. Our objective is
to achieve financial growth through ongoing investment in our purpose to advance how Canadians connect with each
other and the world, while seeking to deliver shareholder returns through dividend growth.
By focusing on operational excellence and cost discipline
throughout every part of our business, we aim to deliver leading
broadband fibre and wireless networks in locations large and
small. We seek to provide truly differentiated communications
Build the Operate with agility Drive growth
services to Canadians and drive revenue growth by leveraging best networks and cost efficiency with innovative services
our networks to serve our customers.
How we monitor our impact and progress: 2023 financial performance

Financial measure 2023 Target 2023 Performance and results
Revenue growth 1% to 5% 2.1% BCE revenues grew by 2.1% in 2023, compared to 2022, driven by higher product revenue
of 9.4%, and higher service revenue of 0.9%, attributable to growth from our Bell CTS
segment, moderated by a decline in our Bell Media segment.
Adjusted 2% to 5% 2.1% BCE adjusted EBITDA grew by 2.1% in 2023, compared to 2022, reflecting a greater
EBITDA growth contribution from our Bell CTS segment, partly offset by a decline in our Bell Media segment.
The growth was driven by higher revenues, partly offset by increased operating costs.
Net earnings growth Not applicable (20.5%) In 2023, net earnings decreased by 20.5%, compared to 2022, due to higher other expense
mainly due to losses on our equity investments in associates and joint ventures which
included a loss on BCE’s share of an obligation to repurchase at fair value the minority
interest in one of BCE’s joint ventures, higher interest expense, higher depreciation and
amortization and higher severance, acquisition and other costs, partly offset by higher
adjusted EBITDA and lower impairment of assets.
Capital intensity 19% to 20% 18.6% 2023 capital expenditures of $4,581 million declined by 10.8% year over year, which
corresponded to a capital intensity ratio of 18.6%, down 2.6 pts over last year, driven by
lower planned capital spending in 2023 subsequent to accelerated network investments
in 2022, as well as an unplanned additional $105 million decrease as a result of the CRTC’s
decision in November 2023 to mandate wholesale access to Bell’s FTTP network.
Net earnings per Not applicable (23.5%) Net earnings attributable to common shareholders in 2023 decreased by $640 million, or
share (EPS) growth $0.70 per common share, compared to 2022, due to higher other expense mainly due to
losses on our equity investments in associates and joint ventures which included a loss on
BCE’s share of an obligation to repurchase at fair value the minority interest in one of BCE’s
joint ventures, higher interest expense, higher depreciation and amortization and higher
severance, acquisition and other costs, partly offset by higher adjusted EBITDA and lower
impairment of assets.
Adjusted net (7%) to (3%) (4.2%) Excluding the impact of severance, acquisition and other costs, net mark-to-market
earnings per share gains (losses) on derivatives used to economically hedge equity settled share-based
(adjusted EPS) growth compensation plans, net equity gains (losses) on investments in associates and joint
ventures, net gains (losses) on investments, early debt redemption costs and impairment
of assets, net of tax and non-controlling interest (NCI), adjusted net earnings in 2023
was $2,926 million, or $3.21 per common share, compared to $3,057 million, or
$3.35 per common share, in 2022.

Financial measure 2023 Target 2023 Performance and results
Cash flows Not applicable (5.0%) In 2023, BCE’s cash flows from operating activities of $7,946 million decreased by
from operating $419 million, compared to 2022, mainly due to lower cash from working capital, in part
activities growth from timing of supplier payments, and higher interest paid, partly offset by higher adjusted
EBITDA and lower contributions to post-employment benefit plans.
Free cash flow growth 2% to 10% 2.5% Free cash flow of $3,144 million in 2023 increased by $77 million compared to 2022,
mainly due to lower capital expenditures, partly offset by lower cash flows from
operating activities, excluding cash from acquisition and other costs paid.
Annualized dividend $3.87 $3.87 Annualized dividend per BCE common share for 2023 increased by $0.19 cents, or 5.2%,
per common share per share per share to $3.87 compared to $3.68 per share in 2022.
For a more detailed discussion of our 2023 financial performance including information on our capital expenditures and our capital
markets strategy, see the BCE 2023 Annual MD&A.
Shareholder returns and capital markets strategy

BCE seeks to deliver shareholder returns through dividend growth, while maintaining investment-grade credit ratings and overall
financial flexibility. This objective is underpinned by substantial free cash flow generation and a strong balance sheet, supporting
ongoing capital investment in advanced broadband networks and services that are essential to driving the long-term growth of
our business.
Strong strategic execution by the Bell team enabled us to achieve In addition, free cash flow in 2024 will be adversely impacted by
our financial targets for the year while continuing to fund our significantly higher severance payments related to workforce
network expansion plans. Bell continued to keep Canadians restructuring initiatives, higher interest paid and lower cash from
connected throughout 2023 by delivering market-leading working capital. As a result, BCE’s dividend payout ratio will remain
innovations, laying the foundation for our long-term success, above our target policy range in 2024.
while providing the basis for our capital markets objective of
To learn more about our dividend growth and payout policy,
delivering dividend growth to our shareholders.
see BCE 2023 Annual MD&A section 1.4, Capital markets strategy.
Our activities and outcomes Strong capital structure
Shareholder return performance and BCE’s balance sheet is underpinned by a healthy available liquidity
dividend growth and payout policy position of $5.8 billion at the end of 2023, comprised of $547 million
in cash, $225 million in cash equivalents, $1,000 million in short-term
BCE’s total shareholder return(1) was -6.2% in 2023 and +29.5% for the
investments, $700 million available under our securitized receivables
five-year period from 2019 to 2023.
program and $3.3 billion available under our $3.5 billion committed
On February 8, 2024, we announced a 3.1%, or 12 cents, increase in revolving and expansion credit facilities, and an investment-grade
the annualized dividend payable on BCE’s common shares for 2024 credit profile, providing the company with a solid financial foundation
to $3.99 per share from $3.87 per share in 2023, starting with the and a high level of overall financial flexibility. BCE has an attractive long-
quarterly dividend payable on April 15, 2024. Our objective seeks term debt maturity profile with all 2024 maturities already pre-funded.
to achieve dividend growth while maintaining our dividend payout We continue to monitor the capital markets for opportunities to lower
ratio(2) within the target policy range of 65% to 75% of free cash flow our cost of debt and optimize our cost of capital. We seek to proactively
and balancing our strategic business priorities. BCE’s dividend payout manage financial risk in terms of currency exposure of our U.S. dollar-
policy, increases in the common share dividend and the declaration of denominated purchases, as well as equity risk exposure under BCE’s
dividends are subject to the discretion of the BCE Board of Directors long-term equity-based incentive plans and interest rate and foreign
(BCE Board) and, consequently, there can be no guarantee that BCE’s currency exposure under our various debt instruments. We also seek
dividend policy will be maintained or achieved, that the dividend on to maintain investment-grade credit ratings with stable outlooks.
common shares will be increased or that dividends will be declared.
As at December 31, 2023, our dividend payout ratio was 111%, compared
to 108% at December 31, 2022, which is higher than our target policy
range due to elevated capital expenditures compared to pre-2020
annual levels as we continued to make generational investments
in our networks to support the buildout of our fibre, 5G and 5G+
network infrastructure. Although a significant reduction in capital
expenditures is planned in 2024, due largely to government policy,
they are expected to remain higher than pre-2020 annual levels.
(1) Shareholder return is defined as 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.
(2) Dividend payout ratio is a non-GAAP ratio. It does not have any standardized meaning under IFRS. Therefore, it is unlikely to be comparable to similar measures presented by other
issuers. We define dividend payout ratio as dividends paid on common shares divided by free cash flow. Refer to section 11, Non-GAAP financial measures, other financial measures
and key performance indicators (KPIs) of the BCE 2023 Annual MD&A for more information on this measure.
61
Sustainable financing In September 2023, Bell amended its existing Cdn $2.3 billion securitiz-
ation program to add sustainability-linked pricing. The amendments

In April 2021, Bell took a defining step in aligning its ESG objectives and
introduce an annual pricing adjustment that reduces or increases
intentions for future financings by publishing the BCE Inc. Sustainable
the borrowing cost based on Bell’s performance of two key annual
Financing Framework, a first for a Canadian communications
sustainability performance targets related to the following Bell
company. The framework guides our issuance of green, social and
science-based targets for GHG emissions reduction and supplier
sustainability bonds or other sustainable financings by Bell. The
engagement: i) Reducing absolute scope 1 and 2 GHG emissions
proceeds of these financings are intended for a portfolio of eligible
58% by 2030 from a 2020 base year; and ii) Reaching 64% of our
investments in any of the following 10 green and social categories:
suppliers by spend, covering purchased goods and services, having
energy efficiency, eco-efficient production technologies and
science-based targets by 2026.
processes, pollution prevention and control, clean transportation,
renewable energy, green buildings, climate adaptation, affordable These 2022 and 2023 initiatives underscore Bell’s ongoing focus on
basic infrastructure, access to essential services, emergency ESG objectives by tying our performance on these key targets to our
response and pandemic relief. cost of financing. They also build credibility on Bell’s efforts to meet
its ESG performance targets.
Sustainalytics, a leading ESG research and analysis firm, provided
an independent second-party opinion that the BCE Inc. Sustainable
Capital expenditures
Financing Framework is credible and impactful and aligns with the
Sustainability Bond Guidelines 2018 and Green Loan Principles 2020. We expanded our fibre network to an additional 633,000 locations
On May 28, 2021, Bell became the first Canadian communications this past year. Our award-winning 5G network covered 86% of
company to issue a sustainability bond with the offering in Canada of Canadians by the end of 2023, with 5G+ available to 51% of the national
$500 million, 2.20% MTN Debentures, Series M‑56, maturing May 29, population. We now offer multi-gig symmetrical Internet speeds
2028. In March 2022, we reported on the full allocation of the net of three gigabits-per-second in 6.5 million locations, a competitive
proceeds which were used to fund both environmental and social advantage that our cable competitors cannot match across their
eligible investments. Bell is focused on creating financial growth that entire footprints. Our performance and quality edge over cable is
is aligned with our purpose while generating positive returns for our reflected in our Internet subscriber metrics. We also secured the
investors. This in turn is expected to drive long-term value creation most 5G+ spectrum nationwide in the federal government’s 3500 and
for all stakeholders. 3800 MHz spectrum auctions, recently securing the acquisition of
939 licenses for 3800 MHz spectrum, and acquired at a total cost
To learn more, see our Sustainable Financing Framework and
that was the lowest among national wireless carriers.
Sustainable Bond Allocation report at BCE.ca.
Bell’s leadership in the deployment of new and innovative networks
In November 2022, Bell amended its existing $3.5 billion committed
and services is a direct result of our investment in research and
credit facilities to convert them to a sustainability-linked loan (SLL).
development (R&D), which enables us to continue providing our
The amendment introduces an annual pricing adjustment that
customers with products and services that are among the most
reduces or increases the borrowing cost based on Bell’s performance
advanced in the world. At the same time, R&D allows us to adopt new
on two key annual sustainability performance targets related to the
technologies that better support our own operations, champion the
following Bell science-based GHG targets approved by the SBTi: i)
customer experience, and drive growth with innovative services. In
Reducing absolute scope 1 and 2 GHG emissions 58% by 2030 from
2023, Bell’s R&D spending was $684 million in capital expenditures
a 2020 base year; and ii) Reaching 64% of our suppliers by spend,
and $90 million in operating expenses. Bell continues to collaborate
covering purchased goods and services, having science-based
with industry partners to drive innovation and create long-term
targets by 2026.
value for Canadians. This includes support for university research
In May 2023, Bell entered into its first Sustainability-Linked Derivatives to drive innovation in 5G, AI and cybersecurity, helping to deliver a
(SLDs). The SLDs introduce a pricing adjustment that increases the stream of innovative technology to Canadian homes and businesses.
derivatives’ cost based on Bell’s performance toward its science-
To learn more about our capital expenditures, refer to our
based target to reduce its operational GHG emissions (Scope 1 and 2)
BCE 2023 Annual MD&A.
of 58% by 2030 from a 2020 base year. Bell selected this sustainability
performance target to support its objective to meet its science-
based target for GHG emissions reduction by tying performance
with financial costs. The sustainability performance target will be
measured as of 2030 and a limited assurance review of Bell’s target
will be performed by an independent third party.

Climate-related risks and opportunities disclosures summary
STRATEGIC OVERVIEW Climate-related risks and opportunities disclosures summary

BCE welcomes the increased demand from our stakeholders for transparency regarding our climate-related risks
and opportunities. We also believe it is important to detail how related risks and opportunities can affect our business.
As a result, we report on climate-related information in accordance with the recommendations from the Task Force
on Climate-related Financial Disclosures in our Climate action report. A summary of our climate-related risks and
opportunities is described below.
To learn more about our approach to climate-related risks and opportunities, please see the following links:
— Climate action report, in alignment with the TCFD recommendations
— Section 1.5 of the MD&A and section 6.2 of BCE’s Management Proxy Circular – Climate change governance
Governance GRI 2-9, 2-13
The Board of Directors has established clear lines of authority and oversight over our climate-related risks and opportunities, with primary
accountability at the Board committee level. The management and oversight of climate-related matters have been integrated into the roles and
responsibilities of executives, management and other team members. Remuneration is linked to the successful delivery of our corporate‑wide
climate change strategy through the evaluation of progress against climate-related objectives and targets.
Strategy
At BCE, we believe companies across all sectors must take action and seek to reduce and neutralize their carbon footprint. This collective
effort is needed to hold global warming to well below 2°C, and preferably limit it to 1.5°C above pre-industrial (1850–1900) levels.
Beyond reducing GHG emissions, Bell continues to enhance and prepare its adaptation measures to face the impacts of climate change by
increasing corporate climate resiliency. That’s why we assess our climate-related risks and opportunities and their impacts on our businesses,
strategy, financial planning and overall resilience.
In alignment with the TCFD recommendations, we categorize climate-related risks into transition and physical risks, and identify climate-
related transition opportunities. Transition risks are associated with the transition to a lower-carbon economy. This may include extensive
regulatory, technology, and market changes needed to address mitigation and adaptation requirements related to climate change. Physical
risks are associated with the physical impacts from a changing climate and can either be event-driven (acute) or longer-term shifts (chronic)
in climate patterns. For the purpose of disclosures recommended by the TCFD, we have focused on seven main risks, and five opportunities.
Climate-related risks and opportunities GRI 201-2
Transition risks & opportunities
Risks Opportunities
Regulation – We are impacted by current regulations, as the Customers targeted by carbon pricing schemes are
Carbon pricing power providers we rely on are subject to carbon expected to seek products and services that will
pricing and are expected to transfer carbon costs enable them to cut GHG emissions.
to their customers. The Internet of Things is one of our major carbon
We expect our operating costs to increase as reduction enablers, facilitating solutions such as smart
energy prices continue to rise across Canada. cities, smart buildings, smart roads, smart operations,
and smart field work.
Technology Our customers are upgrading their devices more The increased frequency and severity of extreme
frequently, leading to an increase in e-waste. To weather conditions resulting from climate change
address this, we are setting e-waste recovery could present an increased demand for our products
targets and increasing opportunities to return and services, which can improve their businesses’
mobile phones. resiliency. Teleworking and teleconferencing solutions
We expect our operating costs to increase as a allow our clients to work from anywhere and minimize
result of managing the program to recover, treat, their need for business travel.
and dispose of e-waste.
63
Risks Opportunities
Market The transition to a low-carbon economy is likely Protecting our assets to prevent service disruptions is
to shift supply and demand for energy, whereby key to a resilient network. Proactively communicating
energy supply could decrease and energy prices our efforts can increase our ability to acquire new
would subsequently increase. We expect our customers and retain the ones we have.
operating costs to increase as a result of this shift.
Reputation Service disruptions due to the impacts of climate Our efforts to reduce our environmental footprint
(customer perception) change could have an adverse effect on our ability offer an opportunity for Bell to distinguish itself from
to provide key communication services, potentially competitors, potentially increasing demand for
jeopardizing customer satisfaction and damaging our products and services. This can also positively
our overall reputation. influence our brand value and reputation.
Failing to demonstrate proactive climate change
mitigation efforts may result in decreased demand
for our products and services.
Reputation Investors increasingly use ESG ratings to inform their Transparent disclosure and strong climate-related
(ESG ratings) investment decisions. Our ESG performance is largely performance could enhance our ESG ratings, which
influenced by our climate-related disclosures and our could decrease our cost of capital.
ability to meet our climate-related targets. Failure to
consistently disclose our engagement and progress
in fighting climate change or other ESG‑related
performance metrics, as well as experiencing a
decline in our ESG ratings over time, all pose a risk of
negative investor perception. This could lead to an
increased cost of capital.
Physical risks
Acute impacts Global scientific evidence suggests that climate change will increase both the frequency and severity of
(extreme weather extreme weather events. This will include such events as flooding, ice storms and wildfires, among others.
events) These could have a destructive impact on our communications network infrastructure and in turn affect our
ability to deliver services that are critical to our customers and society.
A service disruption due to extreme weather events could lead to financial impacts including an increase
in operating costs from maintenance and repairs, labour, heating and cooling, and equipment damage.
Our insurance premiums could increase, or we could face reduced insurability in high-risk areas.
Furthermore, this could jeopardize customer satisfaction and may result in a decrease in revenues
Chronic impacts Anthropogenic global warming has already reached about 1.1°C above pre-industrial levels, and is
(rising mean expected to reach 1.5°C over the next 20 years, according to the IPCC AR6. In Canada, the average annual
temperatures) temperatures have increased by 1.9°C (over the period of 1948–2021) and are expected to keep rising(1).
If average temperatures in Bell’s operating regions fluctuate year-over-year, wether consistently cooler
or warmer, HVAC capacities at facilities will have to increase accordingly. This will increase our energy
consumption and associated operational costs for investments in our infrastructure.
(1) From Government of Canada’s website: Temperature change in Canada.

Climate scenario analysis

To enhance our resiliency to climate-related risks and inform our strategic planning, we completed a climate scenario analysis exercise that
estimated the potential financial impacts of relevant climate-related risks and opportunities. We initiated our first climate scenario analysis
exercise in 2020 and updated the analysis in 2021 to reflect updated IPCC (Intergovernmental Panel on Climate Change) conclusions from its
Sixth Assessment Report (AR6) and to update the transition risks and opportunities. Our climate-related scenario analysis reflects the latest
IPCC conclusions that estimates the chances of crossing the global warming level of 1.5°C in the next decade.
The qualitative and quantitative climate scenario analysis studied a number of future emissions pathway scenarios. The analysis took into
consideration low and high temperature warming scenarios for both physical and transition risks over a short (five-year), medium (10-year)
and long-term (20-year) time horizon. We selected and used six distinct scenarios in our analysis.
Our scenario analysis included the following climate-related risks, which we estimated could have potential financial impacts on our business:
— Physical risks: Flooding, wildfires, ice storms and temperature changes
— Transition risks: Regulation and reputation.
The results of the scenario analysis were provided to BCE’s Health, Safety, Security, Environment and Compliance (HSSEC) Oversight Committee,
Corporate Governance Committee (CGC) and Risk Pension Fund Committee (RPFC). This enables these committees to review estimated potential
financial impacts from climate change and equips them with the information needed to incorporate climate-related risks and opportunities
into future decision-making and strategic planning.
Risk management
BCE’s processes for identifying, assessing and managing climate-related risks are integrated into our multidisciplinary, company-wide risk
identification, assessment and management processes.
Identification and assessment of climate-related risks

The Corporate Responsibility and Environment (CR&E) team monitors industry trends and publications, consults with subject matter experts
and works collaboratively with BCE’s Risk Advisory Services (RAS) team. Through this, the team seeks to ensure that risks are appropriately
documented and profiled within the organization. Identified risks are assessed based on a number of criteria. This includes the potential
nature, scale and scope of impact if the risk were to occur. The likelihood of occurrence is also assessed, predicated on a combination of the
level of threat posed to the organization by the risk, and the organization’s vulnerability to a related risk event.
Internal reporting of climate-related risks

Risk exposures for climate-related risks are communicated by the CR&E team internally as part of standard management practices, with
regular oversight review at HSSEC Committee meetings, and quarterly by the RPFC. Our climate risk reporting framework is based on the
TCFD risk classification framework. A risk analysis report covering Bell’s most prominent risks is generated and provided annually to the
Board of Directors.
Metrics and targets

As one of Canada’s largest employers, we are driven to play a role in mitigating the growing impacts of climate change, which is why we’ve
been on this journey for the past 20 years and have set milestones within the next few years to track our progress.
To learn more about our targets and performance, refer the section on Our environment in this Strategic overview.
To learn more about our opportunity metrics and targets, along with our GHG abatement ratio tracking the transition to a lower carbon
economy enabled by the use of Bell’s technological solutions, refer to the section on Our products and services in this Strategic overview.
65
Issues impacting value
STRATEGIC OVERVIEW Issues impacting value
The following section provides a high-level overview of some of our principal business risks that could have a material adverse effect on our
business, financial condition, liquidity, financial results or reputation. We also detail below our approach to dealing with these risks. Although
we believe the measures taken to manage risks are reasonable, there are inherent limitations to such measures. There can be no expectation
or assurance that they will effectively address or mitigate such risks. Our business is subject to inherent risks and uncertainties, and the risks
described below 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 materially and adversely affect our business, financial condition, liquidity, financial results or reputation.
The actual effect of any event could be materially different from what we currently anticipate. Readers should refer to section 9, Business
risks of the BCE 2023 Annual MD&A for a more detailed discussion of these risks. Readers should also refer to the section entitled “Caution
regarding forward-looking statements” on page 6 of this Strategic overview.
Risk factors Description Management activities Capitals
Regulatory Regulatory initiatives, We actively participate in the public consultations Our networks
environment proceedings and decisions, by governments and regulatory bodies on issues of
and compliance government consultations and importance to our businesses. We seek to demonstrate Our customers
government positions affect us the value of a policy and regulatory climate that supports and relationships
and influence our business investments in Canada and recognizes the long-term Our products
Inability to build and benefits to Canadians of facilities-based competition and services
operationalize enhanced We inform stakeholders of the benefits we provide to
compliance frameworks and local communities including employment, connectivity to Our environment
comply with legal and regulatory world-class networks and services, and access to news,
Our people
obligations; unfavourable information and entertainment
resolution of legal proceedings We aim to enhance our compliance frameworks, including Our financial
through internal steering committees and employee resources
awareness and training on emerging and evolving legal
and regulatory obligations
Competitive Intensity of competitive We invest in and leverage our networks and technology, Our networks
environment activity and an evolving our suite of products and services and our relationships
competitive dynamic, including to build and maintain a strong customer value proposition Our products
from regulatory decisions, while seeking to expand our market presence and services
technological substitution, We have a disciplined strategic planning process which Our financial
acquisitions by competitors seeks to address changing market dynamics in relation resources
and the expansion of alternative to traditional and new markets
service providers with
We aim to establish differentiation against traditional and
variable scale, coverage and
new competitors, leveraging acquisitions and strategic
technologies, all contributing
partnerships to serve our customers
to disruptions in each of our
business segments
Technology/ Failure to evolve and transform We are making significant investments in next-generation Our networks
infrastructure our networks, systems networks and technologies which aim to support our
transformation and operations using next- transformation from a traditional telecommunication Our customers
generation technologies, while companies to a technology services and digital media and relationships
lowering our cost structure company. These investments seek to broaden our reach, Our products
The inability to increase streamline and simplify systems and processes, and bring and services
network resiliency to withstand continuous innovation and improvements to the products
climate‑related disruptions, and services we offer. We also leverage acquisitions and Our financial
extreme weather and strategic partnerships with a holistic focus on seeking to resources
natural disasters enhance customer value and improve our underlying cost
structure

Customer experience Inability to drive a positive Championing the customer experience is a Bell strategic Our networks
customer experience in all imperative and is central to our choice of strategic
aspects of our engagement investments and operating principles and practices Our customers
with customers and relationships
We constantly seek to innovate in the ways we deliver
service and support. This includes improvements to the Our products
range and capabilities of our online self-serve and support and services
options, and the deployment of innovative tools that use
artificial intelligence and machine learning technologies
Security management Inability to protect our We have a well-developed information security strategy Our networks
and data governance physical and non-physical which guides our investments in the implementation of
assets from events such as prevention, detection and response programs aimed at Our customers
information security attacks and protecting our assets against cyber threats and relationships
unauthorized access or entry Our security programs also seek to protect our extensive Our products
Failure to implement effective portfolio of physical assets in relation to unauthorized and services
security and data governance access, structural damage and business continuity
frameworks Our people
Our data governance program covers privacy,
information security, data access management Our financial
and records management, and we have resources
implemented mandatory information security and
data governance training for all employees
People Failure to attract, develop and We strive to be an employer of choice. Our Employee Our people
retain a diverse and talented Value Proposition is designed to empower our team
team capable of furthering members to make an impact, immerse themselves in
our strategic imperatives and opportunities and belong. We offer a variety of employee
high‑tech transformation programs that focus on engagement, health and well-being,
Workforce disruptions and DEIB objectives and performance. We invest in effective
failure to maintain positive talent management strategies and development programs
labour relations for high-potential leaders, as well as mentoring, coaching
and sponsorship. In addition, our recruitment strategies
actively focus on diversifying our talent community
by partnering with various organizations to promote
diversity and holding virtual recruitment events to engage
potential candidates
Operational Failure to maintain operational We focus on delivering high-quality reliable services Our networks
performance networks and to implement or across our networks and service portfolios through
maintain effective processes performance monitoring, proactive maintenance and Our products
and IT systems strategic redundancy and services
Events affecting the functionality We seek to improve network and technology performance Our financial
of, and our ability to protect, test, to maximize efficiencies, considering availability, cost and resources
maintain, replace and upgrade the environment
our networks, IT systems, We perform assessments of critical assets and carry out
equipment and other facilities continuous business impact assessments of key functions
and backup planning to support smooth operations
67
Financial management Inability to access adequate We have implemented financial management systems and Our networks
sources of capital and generate practices to monitor our liquidity levels and our access
sufficient cash flows from to capital. We seek to protect against material economic Our products
operating activities to meet our exposures and financial risks and services
cash requirements, fund capital We further implement targeted initiatives as we seek to Our financial
expenditures and provide for optimize our cost structure resources
planned growth
Failure to lower our
cost structure
Failure to adequately manage
our exposure to financial
risks and risks related to tax
amounts, contributions to
post‑employment benefit plans,
and fraudulent activities
Supply chain Our dependence on third- We have a supplier risk management program that aims Our networks
party suppliers, outsourcers to profile and manage ongoing risk exposure in key
and consultants to provide supplier arrangements. We work with suppliers to develop Our customers
an uninterrupted supply of appropriate remedial strategies when issues are uncovered and relationships
products and services we need We seek to address supply chain constraints by actively Our products
Failure of our supplier selection, managing inventory levels and implementing the and services
governance and oversight appropriate sourcing responses
processes and the extent Our environment
to which our products and
Our financial
services may fail to comply with
resources
applicable standards
Reputation and Reputational risks and the We seek to integrate ESG into our business strategies and Our networks
environmental, social inability to meaningfully brand value proposition
and governance integrate ESG considerations Our customers
We have set targets against certain ESG topics that we
practices into our business strategies and and relationships
monitor. Some of those targets are linked to compensation.
operations, or to achieve our We have implemented initiatives that aim to improve ESG Our products
ESG performance targets performance, and enhanced our ESG public disclosures and services
Failure to take appropriate We have established clear lines of authority over, and
action to adapt to current Our environment
oversight of, our corporate responsibility programs and our
and emerging environmental approach to ESG practices with primary accountability at Our people
impacts, including the Board level
climate change
We implement various preventative measures to address
Pandemics, epidemics and health and environmental risks
other health risks
We have implemented corporate governance practices,
Failure to develop and implement including through our Code of Business Conduct, as well
strong corporate governance as policies and systems seeking to monitor and address
practices and adequately legal exposure
manage social issues

Management’s
discussion and analysis
Table of contents
1 Overview 72 5 Business segment analysis 114
1.1 Introduction 72 5.1 Bell CTS 114
1.2 About BCE 75 5.2 Bell Media 123
MD&A
1.3 Key corporate developments 78
6 Financial and capital management 128
1.4 Capital markets strategy 80
6.1 Net debt 128
1.5 Corporate governance and risk management 83
6.2 Outstanding share data 129
1.6 Capitals and our corporate responsibility 86
6.3 Cash flows 129
2 Strategic imperatives 95 6.4 Post-employment benefit plans 131
2.1 Build the best networks 95 6.5 Financial risk management 132
2.2 Drive growth with innovative services 95 6.6 Credit ratings 135
2.3 Deliver the most compelling content 96 6.7 Liquidity 135
2.4 Champion customer experience 97 6.8 Litigation 137
2.5 Operate with agility and cost efficiency 97
7 Selected annual and quarterly information 138
2.6 Engage and invest in our people and create
a sustainable future 98 7.1 Annual financial information 138
7.2 Quarterly financial information 140
3 Performance targets, outlook, assumptions
and risks 99 8 Regulatory environment 143
3.1 BCE 2023 performance vs. guidance targets 99 8.1 Introduction 143
3.2 Business outlook and assumptions 100 8.2 Telecommunications Act 143
3.3 Principal business risks 101 8.3 Broadcasting Act 145
8.4 Radiocommunication Act 146
4 Consolidated financial analysis 105 8.5 Bell Canada Act 147
4.1 Introduction 105 8.6 Other 147
4.2 Customer connections 106
9 Business risks 148
4.3 Operating revenues 107
4.4 Operating costs 108 10 Accounting policies 159
4.5 Net earnings 108
11 Non-GAAP financial measures, other financial
4.6 Adjusted EBITDA 109
measures and key performance indicators (KPIs) 163
4.7 Severance, acquisition and other costs 109
11.1 Non-GAAP financial measures 163
4.8 Depreciation and amortization 110
11.2 Non-GAAP ratios 166
4.9 Finance costs 110
11.3 Total of segments measures 166
4.10 Impairment of assets 111
11.4 Capital management measures 167
4.11 Other expense 111
11.5 Supplementary financial measures 168
4.12 Income taxes 112
11.6 KPIs 168
4.13 Net earnings attributable to common shareholders
and EPS 112 12 Effectiveness of internal controls 169
4.14 Capital expenditures 113
4.15 Cash flows 113
69
In this management’s discussion and analysis (MD&A), we, us, our, BCE In preparing this MD&A, we have taken into account information available
and the company mean, as the context may require, either BCE Inc. or, to us up to March 7, 2024, the date of this MD&A, unless otherwise stated.
collectively, BCE Inc., Bell Canada, their subsidiaries, joint arrangements You will find additional information relating to BCE, including BCE’s audited
and associates. Bell means, as the context may require, either Bell consolidated financial statements for the year ended December 31, 2023,
Canada or, collectively, Bell Canada, its subsidiaries, joint arrangements BCE’s annual information form for the year ended December 31, 2023,
and associates. dated March 7, 2024 (BCE 2023 AIF) and recent financial reports, on BCE’s
All amounts in this MD&A are in millions of Canadian dollars, except website at BCE.ca, on SEDAR+ at sedarplus.ca and on EDGAR at sec.gov.
where noted. Please refer to section 11, Non-GAAP financial measures, Documents and other information contained in BCE’s website or in any
other financial measures and key performance indicators (KPIs) for a other site referred to in BCE’s website or in this MD&A are not part of
list of defined non-GAAP financial measures, other financial measures this MD&A and are not incorporated by reference herein.
and KPIs.
This MD&A comments on our business operations, performance, financial
Please refer to BCE’s audited consolidated financial statements for the position and other matters for the two years ended December 31, 2023
MD&A
year ended December 31, 2023 when reading this MD&A. and 2022.
Caution regarding forward-looking statements

This MD&A and, in particular, but without limitation, section 1.3, Key Unless otherwise indicated by us, forward-looking statements in this
corporate developments, section 1.4, Capital markets strategy, section 1.6, MD&A describe our expectations as at March 7, 2024 and, accordingly,
Capitals and our corporate responsibility, section 2, Strategic imperatives, are subject to change after that date. Except as may be required by
section 3.2, Business outlook and assumptions, section 5, Business applicable securities laws, we do not undertake any obligation to update
segment analysis and section 6.7, Liquidity, contain forward-looking or revise any forward-looking statements, whether as a result of new
statements. These forward-looking statements include, without limitation, information, future events or otherwise.
statements relating to our projected financial performance for 2024, Forward-looking statements, by their very nature, are subject to inherent
BCE’s dividend growth objective, 2024 annualized common share risks and uncertainties and are based on several assumptions, both
dividend and dividend payout ratio level, and dividend payout policy general and specific, which give rise to the possibility that actual results
target, BCE’s anticipated capital expenditures and network deployment or events could differ materially from our expectations expressed in,
plans, BCE’s financial policy target, the cost savings and other benefits or implied by, such forward-looking statements and that our business
expected to result from workforce reductions as well as estimated outlook, objectives, plans and strategic priorities may not be achieved.
related severance payments, the sources of liquidity we expect to use These statements are not guarantees of future performance or events,
to meet our 2024 cash requirements, our expected post-employment and we caution you against relying on any of these forward-looking
benefit plans funding, the expected timing and completion of the statements. Forward-looking statements are presented in this MD&A
proposed acquisition of the Canadian out-of-home media business of for the purpose of assisting investors and others in understanding
OUTFRONT Media Inc. and the benefits expected to result therefrom, our objectives, strategic priorities and business outlook as well as our
our environmental, social and governance (ESG) objectives, which anticipated operating environment. Readers are cautioned, however,
include, without limitation, our objectives concerning diversity, equity, that such information may not be appropriate for other purposes.
inclusion and belonging (DEIB), our targeted reductions in the level of our
greenhouse gas (GHG) emissions including, without limitation, our carbon We have made certain economic, market, operational and other
neutrality (scope 1 and 2 only) target and our science-based targets, assumptions in preparing the forward-looking statements contained in
our objectives concerning reductions in waste to landfill, community this MD&A, and, in particular, but without limitation, the forward-looking
investment, privacy and information security, corporate governance and statements contained in the previously mentioned sections of this
ethical business conduct, BCE’s business outlook, objectives, plans and MD&A. These assumptions include, without limitation, the assumptions
strategic priorities, and other statements that do not refer to historical described in the various sub-sections of this MD&A entitled Assumptions,
facts. A statement we make is forward-looking when it uses what we which sub-sections are incorporated by reference in this cautionary
know and expect today to make a statement about the future. Forward- statement. Subject to various factors, we believe that our assumptions
looking statements are typically identified by the words assumption, were reasonable at March 7, 2024. If our assumptions turn out to be
goal, guidance, objective, outlook, project, strategy, target, commitment inaccurate, actual results or events could be materially different from
and other similar expressions or future or conditional verbs such as aim, what we expect.
anticipate, believe, could, expect, intend, may, plan, seek, should, strive Important risk factors that could cause actual results or events to differ
and will. All such forward-looking statements are made pursuant to the materially from those expressed in, or implied by, the previously-
safe harbour provisions of applicable Canadian securities laws and of mentioned forward-looking statements and other forward-looking
the United States (U.S.) Private Securities Litigation Reform Act of 1995. statements contained in this MD&A, include, but are not limited to: the
negative effect of adverse economic conditions, including a potential
recession, elevated inflation, high interest rates and financial and capital
market volatility, and the resulting negative impact on business and

customer spending and the demand for our products and services; reduce costs and adequately assess investment priorities, as well as
the negative effect of adverse conditions associated with geopolitical unexpected increases in costs; the inability to manage various credit,
events; regulatory initiatives, proceedings and decisions, government liquidity and market risks; the failure to evolve practices to effectively
consultations and government positions that negatively affect us monitor and control fraudulent activities; new or higher taxes due to
and influence our business including, without limitation, concerning new tax laws or changes thereto or in the interpretation thereof, and the
mandatory access to networks, spectrum auctions, the imposition inability to predict the outcome of government audits; the impact on our
of consumer-related codes of conduct, approval of acquisitions, financial statements and estimates from a number of factors; pension
broadcast and spectrum licensing, foreign ownership requirements, obligation volatility and increased contributions to post-employment
privacy and cybersecurity obligations and control of copyright piracy; benefit plans; our dependence on third-party suppliers, outsourcers
the inability to implement enhanced compliance frameworks and to and consultants to provide an uninterrupted supply of the products
comply with legal and regulatory obligations; unfavourable resolution and services we need; the failure of our vendor selection, governance
of legal proceedings; the intensity of competitive activity and the failure and oversight processes, including our management of supplier risk in
to effectively respond to evolving competitive dynamics; the level of the areas of security, data governance and responsible procurement;
MD&A
technological substitution and the presence of alternative service the quality of our products and services and the extent to which they
providers contributing to disruptions and disintermediation in each may be subject to defects or fail to comply with applicable government
of our business segments; changing customer behaviour and the regulations and standards; reputational risks and the inability to
expansion of cloud-based, over-the-top (OTT) and other alternative meaningfully integrate ESG considerations into our business strategy
solutions; advertising market pressures from economic conditions, and operations; the failure to take appropriate actions to adapt to
fragmentation and non-traditional/global digital services; rising content current and emerging environmental impacts, including climate change;
costs and challenges in our ability to acquire or develop key content; pandemics, epidemics and other health risks, including health concerns
high Canadian Internet and smartphone penetration; the failure to about radio frequency emissions from wireless communications devices
evolve and transform our networks, systems and operations using next- and equipment; the inability to adequately manage social issues; the
generation technologies while lowering our cost structure, including the failure to develop and implement sufficient corporate governance
failure to transition from a traditional telecommunications company practices; the adverse impact of various internal and external factors
to a tech services and digital media company and meet customer on our ability to achieve our ESG targets including, without limitation,
expectations of product and service experience; the inability to drive a those related to GHG emissions reduction and DEIB.
positive customer experience; the inability to protect our physical and These and other risk factors that could cause actual results or events
non-physical assets from events such as information security attacks, to differ materially from our expectations expressed in, or implied by,
unauthorized access or entry, fire and natural disasters; the failure to our forward-looking statements are discussed in this MD&A and, in
implement an effective data governance framework; the failure to attract, particular, in section 9, Business risks of this MD&A.
develop and retain a diverse and talented team capable of furthering
our strategic imperatives and high-tech transformation; the potential Forward-looking statements contained in this MD&A for periods
deterioration in employee morale and engagement resulting from staff beyond 2024 involve longer-term assumptions and estimates than
reductions, cost reductions or reorganizations and the de-prioritization forward-looking statements for 2024 and are consequently subject
of transformation initiatives due to staff reductions, cost reductions or to greater uncertainty. Forward-looking statements for periods
reorganizations; the failure to adequately manage health and safety beyond 2024 further assume, unless otherwise indicated, that the
concerns; labour disruptions and shortages; the risk that we may need risks described above and in section 9, Business risks of this MD&A will
to incur significant capital expenditures to provide additional capacity remain substantially unchanged during such periods.
and reduce network congestion; service interruptions or outages due to We caution readers that the risk factors described above and in the
network failures or slowdowns; events affecting the functionality of, and previously-mentioned section and in other sections of this MD&A are
our ability to protect, test, maintain, replace and upgrade, our networks, not the only ones that could affect us. Additional risks and uncertainties
information technology (IT) systems, equipment and other facilities; not currently known to us or that we currently deem to be immaterial
the failure by other telecommunications carriers on which we rely to may also have a material adverse effect on our business, financial
provide services to complete planned and sufficient testing, maintenance, condition, liquidity, financial results or reputation. We regularly consider
replacement or upgrade of their networks, equipment and other facilities, potential acquisitions, dispositions, mergers, business combinations,
which could disrupt our operations including through network or other investments, monetizations, joint ventures and other transactions,
infrastructure failures; the complexity of our operations and IT systems some of which may be significant. Except as otherwise indicated by
and the failure to implement or maintain highly effective processes and us, forward-looking statements do not reflect the potential impact
IT systems; in-orbit and other operational risks to which the satellites of any such transactions or of special items that may be announced
used to provide our satellite television (TV) services are subject; the or that may occur after March 7, 2024. The financial impact of these
inability to access adequate sources of capital and generate sufficient transactions and special items can be complex and depends on facts
cash flows from operating activities to meet our cash requirements, particular to each of them. We therefore cannot describe the expected
fund capital expenditures and provide for planned growth; uncertainty impact in a meaningful way, or in the same way we present known
as to whether dividends will be declared or the dividend on common risks affecting our business.
shares will be increased by BCE’s board of directors; the failure to
71
1 Overview
In 2022, we began modifying our internal and external reporting Effective with our Q1 2023 results, our previous Bell Wireless and Bell
processes to align with organizational changes that were made Wireline operating segments were combined to form a single reporting
to reflect an increasing strategic focus on multiproduct sales, the segment called Bell Communication and Technology Services (Bell CTS).
continually increasing technological convergence of our wireless and Bell Media remains a distinct reportable segment and is unaffected. As
wireline telecommunications infrastructure and operations driven by a result of our reporting changes, prior periods have been restated for
the deployment of our Fifth Generation (5G) and fibre networks, and comparative purposes.
our digital transformation. These factors have made it increasingly
MD&A Overview
difficult to distinguish between our wireless and wireline operations

and resulted in changes in Q1 2023 to the financial information that is
regularly provided to our chief operating decision maker to measure
performance and allocate resources.
1.1 Introduction
1
At a glance
BCE is Canada’s largest communications company (1), providing Bell Media provides conventional TV, specialty TV, pay TV, streaming
residential, business and wholesale customers with a wide range of services, digital media services, radio broadcasting services and
solutions for all their communications needs. BCE’s shares are publicly out-of-home (OOH) and advanced advertising services to customers
traded on the Toronto Stock Exchange and on the New York Stock nationally across Canada. Revenues are derived primarily from
Exchange (TSX, NYSE: BCE). advertising and subscriber fees.
Our results are reported in two segments: Bell CTS and Bell Media. We also hold investments in a number of other assets, including:
Bell CTS provides a wide range of communication products and services • a 37.5% indirect equity interest in Maple Leaf Sports & Entertainment Ltd.
to consumers, businesses and government customers across Canada. (MLSE)
Wireless products and services include mobile data and voice plans and • a 50% indirect equity interest in Glentel Inc. (Glentel)
devices and are available nationally. Wireline products and services • a 20.2% indirect equity interest in entities that operate the Montréal
comprise data (including Internet access, Internet protocol television Canadiens Hockey Club, evenko and the Bell Centre in Montréal,
(IPTV), cloud-based services and business solutions), voice, and other Québec, as well as Place Bell in Laval, Québec
communication services and products, which are available to our
residential, small and medium-sized business and large enterprise
customers primarily in Ontario, Québec, the Atlantic provinces and
Manitoba, while satellite TV service and connectivity to business
BCE is Canada’s largest
customers are available nationally across Canada. In addition, this
segment includes our wholesale business, which buys and sells local
communications company
telephone, long distance, data and other services from or to resellers
BCE’s business segments
and other carriers, as well as the results of operations of our national At December 31, 2023
consumer electronics retailer, The Source (Bell) Electronics Inc. (The
Source). Subsequent to year end, Bell Canada announced a strategic
partnership with Best Buy Canada to operate 165 The Source consumer
electronics retail stores in Canada, which will be rebranded as Best BCE
Buy Express and offer the latest in consumer electronics from Best Buy
along with exclusive telecommunications services from Bell. In addition,
Bell will wind down The Source head office and back office operations,
as well as close 107 The Source stores.
Bell Bell
CTS Media

Our purpose
BCE’s purpose is to advance how Canadians connect with each other and the world. Our strategy builds on our longstanding strengths in networks,
service innovation and content creation, and positions the company for continued growth and innovation leadership. Our primary business
objectives are to grow our subscriber base profitably and to maximize revenues, operating profit, free cash flow and return on invested capital
by further enhancing our position as the foremost provider in Canada of comprehensive communications services to residential, business and
wholesale customers, and as Canada’s leading content creation company. We seek to take advantage of opportunities to leverage our networks,
infrastructure, sales channels, and brand and marketing resources across our various lines of business to create value for our customers and
other stakeholders.
Our strategy is centred on our disciplined focus and execution of six strategic imperatives that position us to deliver continued success in a
fast-changing communications marketplace. The six strategic imperatives that underlie BCE’s business plan are:
Bell’s
MD&A Overview

Build the
Drive growth with
Deliver the most
six strategic best networks innovative services compelling content
imperatives

Engage and invest in

Champion
Operate with agility our people and create
customer experience and cost efficiency a sustainable future
1
We have begun our journey to modernize from a traditional • Enable customers to be served on their timeline through simple sales
telecommunications company (telco) to a technology services and and support interactions across the channel of their choosing (e.g.,
digital media company (collectively referred to as techco). Innovation online, call centre, store)
is driving customer expectations for enhanced user experiences, • Access to new and better products, services and solutions on an
improved customer service, and faster market responses, all of which accelerated basis tailored to meet customers’ evolving needs and
are improved by our transformation to a techco. Our evolution to a expectations
techco takes a customer-first approach and specifically sets out to
To support and accelerate this evolution, we launched a multi-year
deliver incremental value to our customers:
operational transformation project to modernize our operations, increase
• Ability for customers to enjoy our products, services, and content on productivity, build tech talent and materially right-size our cost base.
any device in any location
Our alignment to the International Integrated Reporting Framework

Following the principles of the International Integrated Reporting Framework (<IR> Framework), now part of the International Financial Reporting
Standards Foundation, Bell released, concurrently with this MD&A, an Integrated Annual Report which contains a strategic overview outlining
our sustainable value creation process. This strategic overview discloses how we seek to generate sustainable value for our stakeholders as
the result of our business operations, guided by our strategic imperatives and use of capitals. Our capitals are outlined below and serve
as inputs that are transformed through our business strategy and strategic imperatives resulting in outcomes that seek to create value for our
stakeholders over time.

Reliable, accessible Strong relationships Innovative and Responsible Skilled, engaged Capital from our
and affordable with customers, compelling products, environmental and diverse investors, returns
world-class communities services and media management team members. on our investments
broadband fibre and and suppliers. content addressing throughout and free cash flow
wireless networks. societal demands. our operations. generated from
our operations.
To increase the connectivity of information, we have incorporated the icons representing our six capitals described above throughout this MD&A
to highlight the respective linkage between our capitals and the topics discussed.
73
BCE 2023 consolidated results
Operating revenues Net earnings Adjusted EBITDA (1)
$24,673
million
$2,327
million
$10,417
million
2.1% vs. 2022 (20.5%) vs. 2022 2.1% vs. 2022
Net earnings attributable Adjusted net earnings (1) Cash flows from Free cash flow (1)
to common shareholders operating activities
MD&A Overview
$2,076
million
$2,926
million
$7,946
million
$3,144
million
(23.6%) vs. 2022 (4.3%) vs. 2022 (5.0%) vs. 2022 2.5% vs. 2022
1
BCE customer connections

Total mobile phones (3) Retail high-speed Retail TV (2) (5) Retail residential network
Internet (2) (4) (5) access services (NAS) lines (2) (5)
+3.4%
10.3 million subscribers
+5.0%
(1.0%)
(7.7%)
at the end of 2023 at the end of 2023 at the end of 2023 at the end of 2023
(1) Adjusted EBITDA is a total of segments measure, and adjusted net earnings and free cash flow are non-GAAP financial measures. See section 11.3, Total of segments measures and section
11.1, Non-GAAP financial measures in this MD&A for more information on these measures.
(2) In Q2 2023, our retail high-speed Internet, retail IPTV and retail residential NAS lines subscriber bases increased by 35,080, 243 and 7,458 subscribers, respectively, as a result of small
acquisitions.
(3) In Q1 2023, we adjusted our mobile phone postpaid subscriber base to remove older non-revenue generating business subscribers of 73,229.
(4) In Q1 2023, subsequent to a review of customer account records, our retail high-speed Internet subscriber base was reduced by 7,347 subscribers.
(5) In Q4 2022, as a result of the acquisition of Distributel Communications Limited (Distributel), our retail high-speed Internet, retail IPTV and retail residential NAS lines subscriber bases
increased by 128,065, 2,315 and 64,498 subscribers, respectively.

1.2 About BCE
Our 2023 results are reported in two segments: Bell CTS and Bell Media. We describe our products and services by segment in this section,
to provide further insight into our operations.

Our Our products
networks and services
Bell CTS
MD&A Overview
Segment description Our brands include
• Provides a wide range of communication products and services to consumers, businesses
and government customers across Canada.
• Wireless products and services include mobile data and voice plans and devices and are
available nationally.
• Wireline products and services comprise data (including Internet access, IPTV, cloud-based
1
services and business solutions), voice, and other communication services and products,
which are available to our residential, small and medium-sized business and large enterprise
customers primarily in Ontario, Québec, the Atlantic provinces and Manitoba, while satellite
TV service and connectivity to business customers are available nationally across Canada.
• Includes our wholesale business, which buys and sells local telephone, long distance, data
and other services from or to resellers and other carriers, and the wireline operations of
Northwestel Inc. (Northwestel), which provides telecommunications services in Canada’s
Northern Territories.
• Includes the results of operations of our national consumer electronics retailer, The Source.
Subsequent to year end, Bell Canada announced a strategic partnership with Best Buy
Canada to operate 165 The Source consumer electronics retail stores in Canada, which will
be rebranded as Best Buy Express and offer the latest in consumer electronics from Best Buy
along with exclusive telecommunications services from Bell. In addition, Bell will wind down
The Source head office and back office operations, as well as close 107 The Source stores.
Our networks and reach • Peak theoretical mobile data access download speeds: 5G+, up to
We hold wireless spectrum licences, with holdings across various 3 gigabit(s) per second (Gbps) in select markets; 5G, up to 1.7 Gbps
spectrum bands and regions across Canada, totalling more than (average expected speeds of 89 to 705 megabits per second (Mbps)
6.4 billion megahertz per population (MHz-Pop), corresponding in markets across Canada); LTE-A, up to 1.5 Gbps (average expected
to an average of approximately 182 megahertz (MHz) of spectrum speeds of 25 to 325 Mbps) in markets across Canada; LTE, up to
per Canadian (1). 150 Mbps (expected average speeds of 18 to 40 Mbps); high-speed
packet access plus (HSPA+), up to 42 Mbps (expected average speeds
The vast majority of our cell towers are connected with fibre, the latest
of 7 to 14 Mbps) (2)
network infrastructure technology, for a faster and more reliable
connection. • Reverts to LTE/LTE-A technology and speeds when customers are
outside 5G and 5G+ coverage areas
Our Fourth Generation (4G) Long-term Evolution (LTE) nationwide
wireless broadband network is compatible with global standards and
• Bell also operates a LTE-category M1 (LTE-M) network, which is a
subset of our LTE network, supporting low-power Internet of Things
delivers high-quality and reliable voice and high-speed data services
(IoT) applications with enhanced coverage, longer device battery life
coast to coast to virtually all of the Canadian population. 5G and 5G+
and enabling lower costs for IoT devices connecting to Bell’s national
are the next generation of wireless technology, offering faster speeds
network. Our LTE-M network is available in most Canadian provinces.
and lower latency. Our LTE network will be the backbone for our 5G
network as it expands across Canada. • Extensive local access network in Ontario, Québec, the Atlantic
provinces and Manitoba, as well as in Canada’s Northern Territories
• LTE coverage of over 99% of Canada’s population, with LTE Advanced
(LTE-A) covering 95% of Canada’s population, and 5G coverage of 86% • Fibre-to-the-premise (FTTP) footprint covering over 7 million homes
of Canada’s population, with 5G+ covering 51% of Canada’s population and businesses in Ontario, Québec, the Atlantic provinces and Manitoba
at December 31, 2023
(1) Bell secured the right to acquire 3800 MHz spectrum licences in the auction completed in November 2023, which will increase our overall wireless spectrum holdings to more than
8.2 billion MHz-Pop, corresponding to an average of approximately 234 MHz of spectrum per Canadian.
(2) Network speeds vary with location, signal and customer device. Compatible device required.
75
• Wireless-to-the-premise (WTTP) footprint covering approximately Our wireline products and services
1 million locations primarily in rural areas. WTTP is 5G-capable fixed
wireless technology delivered over Bell’s LTE wireless network that
Residential
provides broadband residential Internet access to smaller and • Internet: high-speed Internet access through fibre-optic broadband
underserved communities. technology, 5G-capable WTTP technology or digital subscriber line (DSL)
with a wide range of options, including reliable Wi-Fi, unlimited usage,
• Largest Internet protocol (IP) multi-protocol label switching footprint security services and mobile Internet. Our Internet service, marketed
of any Canadian provider, enabling us to offer business customers
as Fibe Internet, offers symmetrical download and upload speeds of
a virtual private network (VPN) service for IP traffic and to optimize
up to 3 Gbps with FTTP, or download speeds of up to 100 Mbps with
bandwidth for real-time voice and TV
Fibre-to-the-node (FTTN), while our Wireless Home Internet (WHI)
We have approximately 9,000 retail points of distribution across fixed wireless service delivers broadband download speeds of up to
Canada, including approximately 1,000 Bell, Virgin Plus, Lucky Mobile 50 Mbps. We also offer Internet service under the Virgin Plus brand
(Lucky) and The Source locations, as well as Glentel-operated locations
MD&A Overview
offering download speeds of up to 300 Mbps.

(WIRELESSWAVE, Tbooth wireless and WIRELESS etc.) and other third-
• TV: IPTV services (Fibe TV, Fibe TV app and Virgin Plus TV) and satellite
party dealer and retail locations. Subsequent to year end, we announced
TV service. Bell’s new Fibe TV service powered by Google Android TV
a strategic partnership with Best Buy Canada to operate 165 The Source
technology provides extensive live and on-demand content options
consumer electronics retail stores in Canada, which will be rebranded
with 4K resolution (4K) picture quality and capabilities and features
as Best Buy Express and offer the latest in consumer electronics from
including access to thousands of apps, voice remote powered by
Best Buy along with exclusive telecommunications services from Bell.
Google Assistant, universal search, cloud personal video recorder
1
In addition, Bell will wind down The Source head office and back office
(PVR), compact 4K high dynamic range (HDR) receiver and access to
operations, as well as close 107 The Source stores.
the Fibe TV app. The Fibe TV app live TV streaming service offers live
and on-demand programming on Bell Streamer, Apple TV, Amazon
Our wireless products and services
Fire TV, Google Chromecast, Android TV devices, smartphones, tablets
• Data and voice plans: From plans focused on affordability to premium and computers. Bell Streamer is a 4K HDR streaming device powered
services, we have plans that cater to all customer segments, available
by Android TV offering all-in-one access to the Fibe TV app, support
on either postpaid or prepaid options, including unlimited data,
for all major streaming services and access to over 10,000 apps from
shareable, device financing plans and Connect Everything plans. Our
Google Play. We also offer an app-based live TV streaming service
services provide fast Internet access for video, social networking,
branded as Virgin Plus TV.
messaging and mobile applications, as well as a host of call features.
• Home Phone: local telephone service, long distance and advanced
• Specialized plans: for tablets, smartwatches, Connected Car, mobile calling features
Internet, trackers, laptops and security cameras
• Smart Home: home security, monitoring and automation services
• Extensive selection of devices: the latest 5G and 5G+ smartphones, from Bell Smart Home
tablets, smartwatches, mobile Internet devices and connected things
(Bell Connected Car, trackers, connected home, lifestyle and virtual • Bundles: multi-product bundles of Internet, TV, home phone, mobility
and smart home services with monthly discounts
reality)
• Travel: international roaming in over 230 destinations, with LTE roaming Business
in 211 destinations and 5G roaming in 87 destinations • Internet and network solutions: through our advanced technologies
• Mobile business solutions: push-to-talk, field service management, and end-to-end network, cloud and security expertise, Bell is a
worker safety and mobility management network transformation partner of choice for Canadian businesses.
• IoT solutions: fleet management, asset management, smart supply Our solutions include business Internet, software-defined solutions,
chain, building and site management, municipal operations, integrated private networks, global networks, managed and professional services.
smart city ecosystem with Esri • Voice and Collaboration: we offer a variety of voice and collaboration
solutions, including unified communications as a service (UCaaS),
traditional local and long distance phone services, cloud-based
voice over IP (VoIP) services and advanced solutions with custom
calling features
• Cloud: Bell supports every stage of businesses’ cloud journey with
cloud, network and security expertise, an advanced partner ecosystem
and advanced hybrid multi-cloud solutions. Our cloud solutions
include professional and managed services, public multi-access edge
computing (MEC) with Amazon Web Services (AWS) Wavelength, cloud
connect, and backup and disaster recovery.
• Security: we offer a full suite of solutions to address businesses’
security concerns, including network security, cloud security and
managed and professional services
• Contact centre: we offer scalable, cloud-based contact centre
solutions that include artificial intelligence (AI)-enhanced features,
enabling omnichannel experiences and flexible, hybrid work styles

Bell Media
Segment description Our brands include
• Canada’s leading content creation company with premier
assets in TV, radio and OOH, monetized through traditional
and digital platforms
• Revenues are derived primarily from advertising and
subscriber fees
• Conventional TV, radio and OOH revenues are derived
from advertising
• Specialty TV revenue is generated from subscription fees
MD&A Overview
and advertising
• Pay TV revenue is derived from subscription fees
• Direct-to-consumer (DTC) streaming services revenue is
derived from subscription fees and advertising
Our assets and reach • Warner Bros. Discovery: Crave extended a long-term licensing
1
agreement with Warner Bros. Discovery that sees Crave continuing to be
TV
the home of HBO and Max Originals, as well as new cable series, library
• 35 conventional TV stations including CTV, Canada’s #1 network television series, and pay and post-pay window rights for Warner Bros.
for 22 consecutive years, #1 Canadian advertising-based video on
films. The agreement also feeds CTV, CTV.ca, the CTV app, and Bell Media’s
demand (AVOD) platform CTV.ca and leading digital news destination
suite of Specialty channels with Warner Bros. Discovery’s iconic content.
CTVNews.ca, and the French-language Noovo network in Québec,
including its popular AVOD platform and digital news destination • STARZ: long-term agreement with Lionsgate for premium STARZ
programming in Canada
Noovo.info
• 26 specialty TV channels, including TSN, Canada’s sports leader and • iHeartRadio: exclusive partnership for digital and streaming music
services in Canada
RDS, the top French-language sports network
• 4 pay TV services and 5 streaming services, including Crave, the Other assets
exclusive home of HBO and Max Originals in Canada, TSN and RDS
• Equity interest in Dome Productions Partnership, one of North America’s
Radio leading providers of sports and other event production and broadcast
facilities
• 103 licensed radio stations in 58 markets across Canada, all available
through iHeartRadio.ca and the iHeartRadio Canada app alongside an • Montréal’s Octane Racing Group Inc., promoter of the F1 Canadian
extensive catalogue of podcasts. In June 2023, Bell Media announced Grand Prix, the largest annual sports and tourism event in the country
its intent to divest 3 of the 103 radio stations and on February 8, 2024, • Minority interest in Montréal’s Grandé Studios, a Montréal-based
Bell Media announced its intent to divest an additional 45 of its radio multipurpose TV, film and equipment company which provides
stations to seven buyers, subject to Canadian Radio-television and production facilities, equipment rentals, and technical services
Telecommunications Commission (CRTC) review and other closing
conditions. Our products and services
• Varied and extensive array of video content to broadcast distributors
OOH advertising across Canada
• Network of strategically located advertising faces spanning across • Advertising on our TV, radio, digital and OOH properties to both local
the country in 20 of Canada’s largest cities and national advertisers across a wide range of industry sectors
Broadcast rights • Crave bilingual subscription-based on-demand premium video

streaming service offering a large collection of premium content in
• Sports: long-term media rights to key sports properties and official one place, including HBO, Max, STARZ, and original French-language
Canadian broadcaster of the Super Bowl, Grey Cup and International
programming, on set-top boxes (STBs), mobile devices, streaming
Ice Hockey Federation (IIHF) World Junior Championship. Live sports
devices and online. Crave is offered through a number of Canadian TV
coverage includes the Toronto Maple Leafs, Montréal Canadiens,
providers, and is available directly to all Canadian Internet subscribers
Winnipeg Jets and Ottawa Senators, Canadian Football League (CFL),
as an OTT service.
National Football League (NFL), National Basketball Association (NBA),
Professional Women’s Hockey League (PWHL), Major League Soccer • TSN, TSN+, and RDS streaming services offering live and on-demand
(MLS), Fédération Internationale de Football Association (FIFA) World TSN and RDS content directly to consumers through an annual or
Cup events, Curling’s Season of Champions, Major League Baseball monthly subscription on computers, tablets, mobile devices, Apple
(MLB), Golf’s Majors, NASCAR, Formula 1 (F1), Grand Slam Tennis, National TV and other streaming devices
Collegiate Athletic Association (NCAA) March Madness, and more.
77
Other BCE investments
BCE also holds investments in a number of other assets, including:
• a 37.5% indirect equity interest in MLSE, a sports and entertainment company that owns several sports teams,
including the Toronto Maple Leafs, the Toronto Raptors, Toronto FC and the Toronto Argonauts, as well as real
estate and entertainment assets in Toronto
• a 50% indirect equity interest in Glentel, a Canadian-based connected services retailer
• a 20.2% indirect equity interest in entities that operate the Montréal Canadiens Hockey Club, evenko (a promoter
and producer of cultural and sports events) and the Bell Centre in Montréal, Québec, as well as Place Bell
in Laval, Québec
MD&A Overview
Our people
Our
people
Employees BCE
At the end of 2023, our team consisted Employees
Bell CTS Bell Media
1
of 45,132 employees, an increase

of 522 employees, compared to the
44,610 employees at the end of 2022,
driven by the acquisition of FX Innovation 13% 12%
in June 2023, and other small acquisitions
made during the year, along with greater 44,610 45,132
hiring at our customer service centres,
partly offset by natural attrition, retirements 87% 88%
and workforce reductions.
Approximately 42% of total BCE employees
2022 2023
were represented by labour unions at
December 31, 2023.
Bell code of business conduct

The ethical business conduct of our people is core to the integrity with which we operate our business. The Bell Code of Business Conduct sets
out specific expectations and accountabilities, providing employees with practical guidelines to conduct business in an ethical manner. Our
commitment to the Code of Business Conduct is renewed by employees each year in an ongoing effort to ensure that all employees are aware
of, and adhere to, Bell’s standards of conduct.
1.3 Key corporate developments

Our Our customers Our products Our Our financial
networks and relationships and services people resources
This section contains forward-looking statements, including relating to BCE’s capital expenditures and network deployment plans, the cost
savings and other benefits expected to result from workforce reductions as well as estimated related severance payments, the expected timing
and completion of the proposed acquisition of the Canadian OOH media business of OUTFRONT Media Inc. and the benefits expected to result
therefrom, and our objectives and plans. Refer to the section Caution regarding forward-looking statements at the beginning of this MD&A.
Reduction in capital expenditures and fibre expansion

Further to the CRTC decision of November 6, 2023 that imposed an interim aggregated access to FTTP facilities obligation, Bell announced its
intention to reduce capital expenditures by over $1 billion over 2024 and 2025 combined, including a minimum of $500 million in 2024, that the
company had planned to invest in bringing high-speed fibre Internet to hundreds of thousands of additional homes and businesses in rural,
suburban and urban communities. This reduction is in addition to Bell investing $105 million less than planned in Q4 2023 as a result of the CRTC’s
decision. Prior to the decision, Bell’s near-term plan was to build high-speed fibre to 9 million locations by the end of 2025. As a direct result of
federal government policies and the CRTC’s decision that discourages network investment, Bell is slowing the pace of fibre footprint expansion
to a near-term target of 8.3 million locations by the end of 2025 and capping fibre speeds at 3 Gbps.

Workforce restructuring
In light of an operating environment that is being reshaped by increasingly unsupportive federal government policies and regulatory decisions,
an economy with high interest rates and continued inflation, increasing competition, and evolving consumer preferences, Bell is taking action to
lower its cost structure and align costs to the revenue potential of each business segment. This includes Bell’s largest workforce restructuring
initiative in nearly 30 years, that will result in the reduction of our workforce by approximately 4,800 positions, or 9% of all BCE employees
in 2024. These workforce reductions are expected to yield in-year cost savings of $150 million to $200 million for 2024, or $250 million on an
annualized basis. Severance payments related to the restructuring initiative could amount to up to approximately $400 million.
Acquisition of 3800 MHz wireless spectrum

Bell secured additional mid-band spectrum licences through Innovation, Science and Economic Development Canada (ISED)’s 3800 MHz spectrum
MD&A Overview
auction completed in November 2023, to continue bringing fast and reliable 5G+ wireless service to more people and businesses across Canada.
Bell secured 939 licences covering 1.77 billion MHz-Pop of 3800 MHz spectrum for $518 million. This acquisition complements Bell’s existing 3500
MHz spectrum holdings, providing the company with 100 MHz of 3500 MHz and 3800 MHz cross-band spectrum across approximately 99%
of Canada’s population. Bell will have access to an industry-leading 3.5 billion MHz-Pop of 5G+ spectrum (combining the 3500 MHz and 3800
MHz spectrum bands), acquired at a total cost of $2.78 billion, the lowest among national wireless carriers.
1
Strategic partnership with Best Buy Canada
On January 18, 2024, Bell announced a strategic partnership with Best Buy Canada to operate 165 The Source consumer electronics retail stores
in Canada, which will be rebranded as Best Buy Express. Bell will be the exclusive telecommunications provider, selling wireless and wireline (in
footprint) services from its Bell, Virgin Plus and Lucky Mobile brands, as well as remain responsible for store operations and labour. Best Buy
will assume responsibility for the consumer electronics assortment and procurement, as well as branding, marketing and e-commerce. Best
Buy Express is expected to open locations across Canada starting in the second half of 2024. On February 8, 2024, Bell announced that with
the strengths of Best Buy’s buying power and supply chain, Bell will wind down The Source head office and back office operations, as well as
close 107 The Source stores.
Proposed acquisition of Canadian out-of-home media business of OUTFRONT

Media Inc.
On October 23, 2023, Bell Media announced it plans to acquire the Canadian out-of-home media business of OUTFRONT Media Inc. The transaction
is valued at $410 million, subject to certain adjustments, and is expected to close in the first half of 2024, subject to regulatory approval and other
closing conditions. The acquisition of the Canadian out-of-home media business of OUTFRONT Media Inc. is expected to support Bell Media’s
digital media strategy and to deliver impactful, multi-channel marketing solutions coast-to-coast. The results of the Canadian out-of-home
media business of OUTFRONT Media Inc. will be included in our Bell Media segment.
Curtis Millen appointed as Chief Financial Officer

On September 1, 2023, Curtis Millen became Executive Vice President and Chief Financial Officer (CFO) of BCE and Bell Canada following the
retirement of Glen LeBlanc from such position. A Bell leader since 2008, Mr. Millen was most recently Senior Vice President, Corporate Strategy
and Treasurer, head of Bell Ventures and President of Bimcor Inc., a wholly-owned subsidiary of Bell that is one of the largest private sector
pension fund management companies in Canada. Glen LeBlanc remains as Special Advisor and Vice-Chair, Bell Atlantic, and maintains his
position as Chair of Northwestel and as Board member and Chair of the Audit Committee for MLSE.
Bell Media leadership change

On November 1, 2023, Sean Cohan assumed leadership of Bell Media and joined the BCE leadership team, following the retirement of Wade
Oosterman as President of Bell Media. Mr. Cohan joined Bell Media after having progressed through increasingly senior executive responsibilities
in his time in media and consumer businesses, including a 15-year tenure at A+E Networks ultimately in the role of President, International
and Digital Media. He and his A+E teams are credited with driving global content, digital, and commercial transformation and notable growth
across the business.
79
1.4 Capital markets strategy
Our financial
resources
This section contains forward-looking statements, including relating to BCE’s dividend growth objective, 2024 annualized common share dividend
and dividend payout ratio level, and dividend payout policy target, BCE’s financial policy target, anticipated capital expenditures and network
deployment plans, and our business outlook, objectives and plans. Refer to the section Caution regarding forward-looking statements at the
beginning of this MD&A.
We seek to deliver shareholder returns through dividend growth. This objective is underpinned by substantial free cash flow generation and a
strong balance sheet, supporting ongoing capital investment on advanced broadband networks and services that are essential to driving the
long-term growth of our business.
MD&A Overview
Dividend growth and payout policy

Dividend yield (1) 2024 dividend increase Dividend payout (2) policy
7.4% +3.1% 65%–75%

1
in 2023 to $3.99 per common share of free cash flow
On February 8, 2024, we announced a 3.1%, or 12 cents, increase in As at December 31, 2023, our dividend payout ratio was 111%, compared
the annualized dividend payable on BCE’s common shares for 2024 to 108% at December 31, 2022, which is higher than our policy range due
to $3.99 per share from $3.87 per share in 2023, starting with the to elevated capital expenditures compared to pre-2020 annual levels
quarterly dividend payable on April 15, 2024. as we continued to make generational investments in our networks to
support the buildout of our fibre, 5G and 5G+ network infrastructure.
Our objective seeks to achieve dividend growth while maintaining our
Although a significant reduction in capital expenditures is planned
dividend payout ratio within the target policy range of 65% to 75% of
in 2024, due largely to government policy, they are expected to remain
free cash flow and balancing our strategic business priorities. BCE’s
higher than pre-2020 annual levels. In addition, free cash flow in 2024
dividend payout policy, increases in the common share dividend and the
will be adversely impacted by significantly higher severance payments
declaration of dividends are subject to the discretion of the BCE Board of
related to workforce restructuring initiatives, higher interest paid and
Directors (BCE Board) and, consequently, there can be no guarantee that
lower cash from working capital. As a result, BCE’s dividend payout
BCE’s dividend policy will be maintained or achieved, that the dividend
ratio will remain above our target policy range in 2024.
on common shares will be increased or that dividends will be declared.
Executive compensation alignment

BCE is focused on a pay-for-performance approach for all team The mix of vehicles awarded under BCE’s long-term incentive plan
members, including our executives. In order to attract, motivate and favours the execution of multiple objectives. They are structured to
retain top talent, the company offers a competitive total compensation create sustainable value for shareholders by attracting, motivating
package. and retaining the executive officers needed to drive the business
• Base salary: rewards the scope and responsibilities of a position, with strategy, and rewarding them for delivering on our goal of advancing
target positioning at the median of our comparator group. how Canadians connect with each other and the world, through the
successful execution of our six strategic imperatives. We have strong
• Annual incentive: encourages strong performance against yearly
alignment of interest between shareholders and management through
corporate and individual objectives.
our equity-based incentive plans.
• Long-term incentive: aligns with long-term interests of shareholders.
Best practices • Stringent share ownership requirements
adopted by • Emphasis on pay at risk for executive compensation
BCE for executive • Double trigger change-in-control policy
compensation • Anti-hedging policy on share ownership and incentive compensation
• Clawbacks for the President and Chief Executive Officer (CEO) and
all Executive Vice-Presidents as well as all option holders
• Caps on BCE supplemental executive retirement plans and annual
bonus payouts, in addition to long-term incentive grants
• Vesting criteria aligned to shareholder interests
(1) Annualized dividend per BCE common share divided by BCE’s share price at the end of the year.
(2) Dividend payout ratio is a non-GAAP ratio. Refer to section 11.2, Non-GAAP ratios in this MD&A for more information on this measure.

Capital markets priorities
Consistent with our capital markets objective to deliver shareholder In 2023, excess free cash flow (1) was negative $342 million, down
returns through dividend growth, while maintaining appropriate from negative $245 million in 2022. The year-over-year decrease was
levels of capital investment, investment-grade credit ratings and primarily attributable to lower cash flows from operating activities of
considerable overall financial flexibility, we deploy excess free cash $7,946 million, which decreased by $419 million year over year, mainly
flow and divestiture proceeds, when available, in a balanced manner due to lower cash from working capital, in part from timing of supplier
and on uses that include, but are not limited to: payments, and higher interest paid. These factors were partly offset by
• Funding of strategic acquisitions and investments (including wireless higher adjusted EBITDA and lower contributions to post-employment
spectrum purchases) that support the growth of our business benefit plans.
• Debt reduction
• Share buybacks through normal course issuer bid programs
MD&A Overview
Total shareholder return performance
Five-year total One-year total
shareholder return (2) shareholder return (2)
+29.5% (6.2%)
1
2019–2023 2023
Five-year cumulative total value of a $100 investment (3)

December 31, 2018 – December 31, 2023
$200 This graph compares the yearly change in the cumulative annual total
$175 shareholder return of BCE common shares against the cumulative annual
$150 total return of the S&P Global Ratings Canada (S&P)/TSX Composite
$125 Index (4), for the five-year period ending December 31, 2023, assuming
$100 an initial investment of $100 on December 31, 2018 and the quarterly
$75
reinvestment of all dividends.
2018 2019 2020 2021 2022 2023
BCE common shares S&P/TSX Composite Index
(1) Excess free cash flow is a non-GAAP financial measure. Refer to section 11.1, Non-GAAP financial measures in this MD&A for more information on this measure.
(2) Shareholder return is defined as 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.
(3) Based on BCE’s common share price on the TSX and assuming the reinvestment of dividends.
(4) As the headline index for the Canadian equity market, the S&P/TSX Composite Index is the primary gauge against which to measure total shareholder return for Canadian-based, TSX-listed
companies.
81
Strong capital structure
BCE’s balance sheet is underpinned by a healthy available liquidity (1) position of $5.8 billion at the end of 2023, comprised of $547 million in cash,
$225 million in cash equivalents, $1,000 million in short-term investments, $700 million available under our securitized receivables program and
$3.3 billion available under our $3.5 billion committed revolving and expansion credit facilities, and an investment-grade credit profile, providing
the company with a solid financial foundation and a high level of overall financial flexibility. BCE has an attractive long-term debt maturity profile
with all 2024 maturities already pre-funded. We continue to monitor the capital markets for opportunities to lower our cost of debt and optimize
our cost of capital. We seek to proactively manage financial risk in terms of currency exposure of our U.S. dollar-denominated purchases, as
well as equity risk exposure under BCE’s long-term equity-based incentive plans and interest rate and foreign currency exposure under our
various debt instruments. We also seek to maintain investment-grade credit ratings with stable outlooks.
Attractive long-term public Strong liquidity position (2) Investment-grade

debt maturity profile credit profile (2) (3)
MD&A Overview
• $3.3 billion available under

• Average term of Bell Canada’s our $3.5 billion multi-year committed • Long-term debt credit rating of
publicly issued debt securities: credit facilities BBB (high) by DBRS Limited (DBRS),
approximately 12 years (2) • $700 million receivables securitization Baa 1 by Moody’s Investors Service, Inc.
• Average after-tax cost of publicly available capacity (Moody’s) and BBB+ by S&P, all with
issued debt securities: 3.0% (2) stable outlooks
• $547 million cash
• All publicly issued debt securities
1
• $225 million cash equivalents

maturing in 2024 already pre-funded
• $1,000 million short-term investments
We monitor our capital structure by utilizing a number of measures, BCE’s adjusted EBITDA to adjusted net interest expense ratio (1) at the end
principally net debt leverage ratio and dividend payout ratio. of 2023 was 6.94 times adjusted EBITDA, which was below our internal
target of greater than 7.5 times adjusted EBITDA due to an increase in
At December 31, 2023, our net debt leverage ratio (1) was 3.48 times
interest expense in 2023 attributable to higher average debt balances
adjusted EBITDA, an increase from 3.30 times adjusted EBITDA at
and higher interest rates. Given the correlation between this ratio and
December 31, 2022, due mostly to ongoing elevated capital expenditures.
the net debt leverage ratio, we are simplifying our internal targets to
These leverage levels exceeded our internal target range of 2.0 to
reflect the net debt leverage ratio only and will not report against the
2.5 times adjusted EBITDA as we have been in a cycle of strategically
adjusted EBITDA to adjusted net interest expense ratio target in the
accelerating our pace of capital expenditures to advance our network
future. We believe that this ratio is of less relative importance to our
and transformation investments, acquiring wireless spectrum, financing
investors, lenders and other stakeholders as a measure of the strength
a number of strategic acquisitions and making voluntary pension plan
of our capital structure.
funding contributions. As well, our net debt leverage ratio was adversely
affected by COVID-19 impacts on our business and the adoption of IFRS 16 Internal December 31, December 31,
BCE credit ratios target 2023 2022
that added $2.3 billion of lease liabilities to net debt (1) on our balance
sheet on January 1, 2019. Our objective is to see our net debt leverage Net debt leverage ratio 3.0 3.48 3.30
ratio decline over time to be in the range of 3.0 times adjusted EBITDA. Adjusted EBITDA to adjusted
While currently in excess of this level, our net debt leverage ratio is still net interest expense ratio n/a 6.94 8.50
consistent with a strong balance sheet, ample financial flexibility and
investment grade credit ratings. Bell Canada successfully accessed the debt capital markets in
February 2023, May 2023, August 2023 and November 2023, raising
This new objective is higher than the previous target for our net debt
a total of $3.5 billion in gross proceeds from the issuance in Canada of
leverage ratio, which was established several years ago. Since that
medium-term note (MTN) debentures, and $850 million in U.S. dollars
time, our leverage level has largely exceeded that target and yet we
($1,138 million in Canadian dollars) in gross proceeds from the issuance
have maintained adequate financial flexibility through various market
of notes in the U.S. Both the Canadian-dollar and U.S.-dollar issuances
conditions. Moreover, at the time of setting our previous targets, we had
contributed to maintaining our after-tax cost of outstanding publicly
sizeable pension funding deficits. We currently have sizeable surpluses.
issued debt securities relatively stable at approximately 3.0% (4.1% on
While pension funding deficits and surpluses are not factored into the
a pre-tax basis) and the average term to maturity at approximately
net debt leverage ratio, the deficits represented a potential future
12 years. The net proceeds of the 2023 offerings were used to fund the
cash funding requirement while the current surpluses allow us to take
repayment of Bell Canada’s $1 billion 2.70% Series M-44 MTN debentures,
contribution holidays, enhancing our financial flexibility. We believe the
to repay short-term debt and for general corporate purposes.
new objective of 3.0 times adjusted EBITDA is reflective of our operational
size and strength, an optimized cost of capital, and is aligned with the
expectations of our investors, lenders and other stakeholders.
(1) Available liquidity and net debt are non-GAAP financial measures and net debt leverage ratio and adjusted EBITDA to adjusted net interest expense ratio are capital management measures.
See section 11.1, Non-GAAP financial measures and section 11.4, Capital management measures in this MD&A for more information on these measures.
(2) As at December 31, 2023
(3) These credit ratings are not recommendations to buy, sell or hold any of the securities referred to, and they may be revised or withdrawn at any time by the assigning rating agency.
Ratings are determined by the rating agencies based on criteria established from time to time by them, and they do not comment on market price or suitability for a particular investor.
Each credit rating should be evaluated independently of any other credit rating.

Subsequent to year end, on February 15, 2024, Bell Canada issued repayment at maturity of Bell Canada’s US $600 million US-3 Notes
5.200% Series US-9 Notes with a principal amount of $700 million in U.S. due on March 17, 2024, to fund the remaining payment for the 3800
dollars ($942 million in Canadian dollars), which mature on February 15, MHz spectrum licences secured by Bell Mobility Inc. (Bell Mobility)
2034. Additionally, on the same date, Bell Canada issued 5.550% Series through the Canadian government’s 3800 MHz spectrum auction, and
US-10 Notes with a principal amount of $750 million in U.S. dollars other general corporate purposes, which may include the repayment
($1,009 million in Canadian dollars), which mature on February 15, of short-term debt.
2054. The net proceeds of the offering are intended to be used for the
1.5 Corporate governance and risk management

Corporate governance philosophy
MD&A Overview
The Board and management of BCE believe that strong corporate governance practices contribute to superior results in creating and maintaining
shareholder value. That is why we continually seek to strengthen our corporate governance practices and ethical business conduct by aiming
to adopt best practices, and providing full transparency and accountability to our shareholders. The Board is responsible for the supervision
of the business and affairs of the company.
Below are our key Board information and governance best practices:
1
Directors are ALL Independent (except CEO) Directors’ Tenure Guidelines
99.6% 2023 Board and Committee Director Attendance Record Board Renewal: 7 Non-Executive Director
Board Committee Members are All Independent Nominees ≤ 7 Years Tenure
Board Diversity Policy and Target for Gender Representation Share Ownership Guideline for Directors and Executives
Annual Election of All Directors Code of Business Conduct and Ethics Program
Directors Elected Individually Annual Advisory Vote on Executive Compensation
Majority Voting for Directors Formal Board Evaluation Process
Separate Chair and CEO Board Risk Oversight Practices
Board Interlocks Guidelines ESG Strategy Reviewed by Board

Robust Succession Planning
For more information, please refer to BCE’s most recent notice of annual general shareholder meeting and management proxy circular (the
Proxy Circular) filed with the Canadian provincial securities regulatory authorities (available at sedarplus.ca) and furnished to the U.S. Securities
and Exchange Commission (available at sec.gov), and available on BCE’s website at BCE.ca.
Risk governance framework

Board oversight
BCE’s full Board is entrusted with the responsibility for identifying and
overseeing the principal risks to which our business is exposed and
seeking to ensure there are processes in place to effectively identify, Board
monitor and manage them. These processes seek to mitigate rather of Directors
than eliminate risk. A risk is the possibility that an event might happen
in the future that could have a negative effect on our business, financial
condition, liquidity, financial results or reputation. While the Board has
overall responsibility for risk, the responsibility for certain elements of
the risk oversight program is delegated to Board committees in order
to ensure that they are treated with appropriate expertise, attention
Risk and
and diligence, with reporting to the Board on a regular basis. Audit Compensation Governance
Pension Fund Committee Committee Committee
Committee
83
Risk information is reviewed by the Board or the relevant committee functions, while also providing the Audit Committee, and other Board
throughout the year, and business leaders present regular updates on committees as required, with an independent perspective on the state
the execution of business strategies, risks and mitigation. of risk and control within the organization. Collectively, these elements
can be thought of as a “three lines” approach to risk management.
• The Risk and Pension Fund Committee has oversight responsibility for
Although the risk management framework described in this section 1.5 is
the organization’s risk governance framework, which exists to identify,
aligned with industry practices, there can be no assurance that it will
assess, mitigate and report key risks to which BCE is exposed. As part of
be sufficient to prevent the occurrence of events that could have a
its Charter, the Risk and Pension Fund Committee is tasked with oversight
material adverse effect on our business, financial condition, liquidity,
of risks relating to business continuity plans, work stoppage and disaster
financial results or reputation.
recovery plans, regulatory and public policy, information management
and privacy, information security (including cyber security), physical
security, fraud, vendor and supply chain management, ESG (including
climate change), the pension fund, network resiliency and other risks
MD&A Overview
as required. The Risk and Pension Fund Committee receives reports Board and
Committees
on security matters, including information security (including cyber
security), and on environmental matters, each quarter. Oversight
• The Audit Committee is responsible for overseeing the integrity of
our financial statements and related information, management’s
assessment and reporting on the effectiveness of internal controls,
1
Internal
and risk processes as they relate to financial reporting. Operational Audit
Business Units Risk and
• TheManagement Resources and Compensation Committee control 3rd line
1st line
(Compensation Committee) oversees risks relating to compensation, environment assurance
functions
succession planning and workplace policies and practices. function
• The Corporate Governance Committee (Governance Committee)
assists the Board in developing and implementing BCE’s corporate
governance principles and guidelines, identifying individuals qualified to Corporate
become members of the Board, and determining the composition of the 2nd line
Board and its committees. The Governance Committee is responsible support
for oversight of our ESG strategy (including climate change strategy functions
and climate-related matters, and supply chain labour issues), and
its integration within our overall business strategy, and disclosure.
The Governance Committee is also responsible for oversight of
the company’s policies concerning business conduct, ethics, public First line – operational business units
disclosure of material information and AI governance.
The first line refers to management within our operational business
Risk management culture units, who are expected to understand their operations in great detail
and the financial results that underpin them. There are regular reviews
There is a strong culture of risk management at BCE that is actively
of operating performance involving the organization’s executive and
promoted by the Board, the Risk and Pension Fund Committee and the
senior management. The discipline and precision associated with this
President and CEO, at all levels within the organization. It is a part of
process, coupled with the alignment and focus around performance
how the company operates on a day-to-day basis and is woven into
goals, creates a high degree of accountability and transparency in
its structure and operating principles, guiding the implementation of
support of our risk management practices.
the organization’s strategic imperatives.
As risks emerge in the business environment, they are discussed in a
The President and CEO, selected by the Board, has set his strategic focus
number of regular forums to share details and explore their relevance
through the establishment of six strategic imperatives and focuses risk
across the organization. Executive and senior management are integral
management around the factors that could impact the achievement
to these activities in driving the identification, assessment, mitigation
of those strategic imperatives. While the constant state of change in
and reporting of risks at all levels. Formal risk reporting occurs through
the economic environment and the industry creates challenges that
strategic planning sessions, management presentations to the Board
need to be managed, clarity around strategic objectives, performance
and formal enterprise risk reporting, which is shared with the Board
expectations, risk management and integrity in execution ensures
and the Risk and Pension Fund Committee during the year.
discipline and balance in all aspects of our business.
Management is also responsible for maintaining effective internal
Risk management framework controls and for executing risk and control procedures on a day-to-day
While the Board is responsible for BCE’s risk oversight program, basis. Each operational business unit develops its own operating controls
operational business units are central to the proactive identification and procedures that fit the needs of its unique environment.
and management of risk. They are supported by a range of corporate
support functions that provide independent expertise to reinforce Second line – corporate support functions
implementation of risk management approaches in collaboration with BCE is a very large enterprise, with 45,132 employees as at December 31,
the operational business units. The Internal Audit function provides a 2023, multiple business units and a diverse portfolio of risks that is
further element of expertise and assurance, working to provide insight constantly evolving based on internal and external factors. In a large
and support to the operational business units and corporate support organization, it is common to manage certain functions centrally for

efficiency, scale and consistency. While the first line is often central to Corporate Risk Management function: This function works across
identification and management of business risks, in many instances the company to gather information and report on the organization’s
operational management works collaboratively with, and also relies assessment of its principal risks and the related exposures. Annually,
on, the corporate functions that make up the second line of support in senior management participate in a risk survey that provides an
these areas. These corporate functions include Regulatory, Finance, important reference point in the overall risk assessment process.
Corporate Security, Corporate Risk Management, Legal, Corporate In addition to the activities described above, the second line is also
Responsibility, Human Resources, Real Estate and Procurement. critical in building and operating the oversight mechanisms that bring
Regulatory function: This function is responsible for the regulatory focus to relevant areas of risk and reinforce the bridges between the
portfolio, including an expanding range of obligations set out in new first and second lines, thereby seeking to ensure that there is a clear
privacy and data protection laws being enacted in Canada and around understanding of emerging risks, their relevance to the organization
the world. BCE has developed, and maintains, an enhanced Data and the proposed mitigation plans.
Governance Policy that encompasses the protection and appropriate
MD&A Overview
To further coordinate efforts between the first and second lines, BCE has
use of data across its life cycle. A significant element of the data established a Health and Safety, Security, Environment and Compliance
governance program relies on the Corporate Security activities outlined Oversight Committee (HSSEC Committee). A significant number of
below and these two functions work jointly with data owners, data BCE’s most senior leaders are members of the HSSEC Committee,
custodians and other relevant employees to seek to ensure this policy is the purpose of which is to oversee BCE’s strategic security (including
appropriately implemented. We recognize that a strong and consistently information security), compliance, environmental, and health and
applied approach to data governance is essential to maintaining the safety risks and opportunities. This cross-functional committee seeks
1
social licence necessary to achieve our business objectives. For more to ensure that relevant risks are adequately recognized and mitigation
information on our approach to privacy and data security, refer to activities are well integrated and aligned across the organization and
section 1.6, Capitals and our corporate responsibility, in this MD&A. are supported with sufficient resources. The HSSEC Committee also
Finance function: BCE’s Finance function plays a pivotal role in seeking mandates the company’s Energy Board, a working group composed
to identify, assess and manage risks through a number of activities, of business unit employees, including vice‑presidents and directors, to
which include financial performance management, external reporting, ensure oversight of our overall energy consumption and costs with the
pension management, capital management, and oversight and execution objective of minimizing financial and reputational risks while maximizing
practices related to the U.S. Sarbanes-Oxley Act of 2002 and equivalent business opportunities. The Energy Board also oversees the progress
Canadian securities legislation, including the establishment and made towards meeting our GHG emissions reduction and supplier
maintenance of appropriate internal control over financial reporting. BCE engagement targets. In addition, the company’s Climate Resiliency Task
has also established and maintains disclosure controls and procedures Force, composed of senior vice-presidents, vice-presidents, directors
to seek to ensure that the information it publicly discloses, including and managers, reports to the HSSEC Committee and assists in building
its business risks, is accurately recorded, processed, summarized and a climate resiliency governance to seek to address the potential impacts
reported on a timely basis. For more details concerning BCE’s internal of climate change in the short and medium terms.
control over financial reporting and disclosure controls and procedures, The company’s Corporate Responsibility (CR) Board, composed of a
refer to the Proxy Circular and section 12, Effectiveness of internal significant number of employees at the senior vice-president, vice-
controls, in this MD&A. president and director levels, supports the evolution of our corporate
Corporate Security function: This function is responsible for all aspects responsibility strategy. The CR Board has the responsibilities, among
of security, which requires a deep understanding of the business, the risk others, to embed corporate responsibility considerations into corporate
environment and the external stakeholder environment. Based on this and business unit strategies, assist in identifying corporate responsibility
understanding, Corporate Security sets the standards of performance areas for further improvement, establish relevant ESG metrics, respond
required across the organization through security policies and directives to stakeholders’ concerns, review ESG public disclosures, approve
that define requirements to protect team members, company assets procedures seeking to verify the accuracy of publicly disclosed ESG
and information. In high and emerging risk areas such as information information and support various corporate responsibility initiatives. The
security, Corporate Security leverages its experience and competence CR Board reports on progress to the HSSEC Committee, the co-chairs
to develop strategies intended to mitigate the organization’s risks. For of which report to the Risk and Pension Fund Committee, Governance
instance, we have implemented security awareness training, policies Committee and Compensation Committee of the Board of Directors. The
and directives that seek to mitigate information security threats. We CR Board also reports to the BCE Disclosure and Compliance Committee
further rely on security assessments to identify risks and review projects with regards to the public disclosure of ESG information.
with the objective of ensuring that systems are deployed with the
appropriate level of control, including access management, vulnerability Third line – internal audit function
management, security monitoring and testing. We evaluate and seek Internal Audit is a part of the overall management information and
to adapt our security policies and directives designed to protect our control system and has the responsibility to act as an independent
information and assets in light of the continuously evolving nature appraisal function. Its purpose is to provide the Audit Committee,
and sophistication of information security threats. However, given the other Board committees, as required, and management with objective
complexity and scale of our business, network infrastructure, technology evaluations of the company’s risk and control environment, to support
and IT support systems, there can be no assurance that the security management in fulfilling BCE’s strategic imperatives and to maintain
policies and directives that we implement will prevent the occurrence an audit presence throughout BCE and its subsidiaries.
of all potential information security breaches. In addition, although
BCE has contracted an insurance policy covering information security
risk, there can be no assurance that any insurance we may have will
cover the costs, damages, liabilities or losses that could result from the
occurrence of any information security breach.
85
1.6 Capitals and our corporate responsibility
This section contains forward-looking statements, including relating to our ESG objectives. Refer to the section Caution regarding forward-
looking statements at the beginning of this MD&A and to the sub-section Assumptions at the end of this section 1.6. For explanations of certain
climate-related terms, metrics and targets used in this section 1.6 including, without limitation, carbon neutral, science-based targets and net
zero, please refer to Explanation of certain climate-related terms, metrics and targets at the end of this section 1.6.
Since our founding in 1880, Bell has been enabling Canadians to connect with each other and the world. Our approach to corporate responsibility
is to manage the company in ways that nurture the social and economic prosperity of our communities while safeguarding the environment.
Corporate responsibility underpins our six strategic imperatives

MD&A Overview
Corporate responsibility is a fundamental element of each of the six In addition, the Risk and Pension Fund Committee oversees risks that
strategic imperatives that inform BCE’s policies, decisions and actions. could impact our business, such as safety and security, business
As one of Canada’s largest companies, we are driven to continually continuity and ESG risks, while the Audit Committee monitors significant
improve our impact and our contribution to society with our network ESG issues and approves our risks and assumptions disclosures. The
deployments, investments in mental health initiatives, environmental Compensation Committee has oversight of human resource issues
sustainability and an engaged workplace. This approach also supports and tracks corporate performance against our ESG targets. Since
our purpose to advance how Canadians connect with each other and 2020, the Compensation Committee has formally added ESG targets
1
the world. to the corporate performance metrics within the measures of the
company’s annual short-term incentive compensation program, the
Our corporate responsibility approach is informed by a set of guiding
Annual Incentive Plan (AIP). In 2022, to reflect how ESG is embedded
principles that support our corporate strategy and policies throughout
into the overall strategy of the business, ESG-related metrics were
the organization. Through our own internal processes along with
embedded throughout our strategic imperatives score and represent,
stakeholder feedback, we have prioritized, and set clear objectives to
in aggregate, at least 30% of the total strategic imperatives score. The
address ESG issues and opportunities, seeking to enhance sustainability
strategic imperative score represents 40% weighting of the Corporate
across BCE. We constantly measure and report on our progress. Through
Performance Index within the AIP.
these actions, we strive to drive environmental leadership, achieve a
diverse and inclusive workplace, lead data governance, and protect Since 1993, BCE had been publishing a Corporate Responsibility Report
and build stronger, healthier communities. detailing our performance in managing ESG issues. In 2022, for the first
time, we presented both our financial and non-financial performance
The Board has established clear oversight of our corporate responsibility
in an Integrated annual report following the principles of the <IR>
programs and our approach to ESG practices with primary accountability
Framework now part of the International Financial Reporting Standards.
at the committee level. The Governance Committee is responsible
We believe this approach provides a useful basis for disclosing how we
for oversight of our corporate purpose and our ESG strategy and
seek to create sustained value for our stakeholders over time. An integral
disclosure. This includes the integration of ESG within our company
element of the <IR> Framework are the six pillars, called “capitals” (our
strategy and monitoring the implementation of ESG programs, goals
networks, our customers and relationships, our products and services,
and key initiatives. Moreover, it is responsible for oversight and related
our environment, our people and our financial resources). We call them
disclosure of climate-related risks, and for our governance practices
capitals because they are inputs to value creation.
and policies, including those concerning business conduct and ethics.

Our networks
Our
networks
Our networks and services are fundamental to the communities we serve, Key metrics
the nation’s economy and Canadian society as a whole. Our networks are 5G network coverage Number of additional
integral to delivering our wireless, wireline, and broadcasting services. at December 31 pure fibre locations built
We work closely with governments, regulators and our customers to
maximize these societal benefits. 86% 854,000
82%
Additionally, privacy and information security present both potentially 70%

611,000 633,000
significant risks and opportunities for any business operating in the digital
economy. They are the subject of an expanding range of obligations,
MD&A Overview
including under new privacy and data protection laws being enacted
in Canada and around the world. Our customers, team members and
investors increasingly expect us to demonstrate that we collect data
appropriately, use it for purposes that advance their interests, and
keep it secure.
21 22 23 21 22 23
How digital access helps create value
1
Bell’s network reliability (1)
Advanced communications networks provide access to a broad
spectrum of everyday activities for all Canadians. Today, Bell’s network Target 99.9900%
technologies are a key part of Canada’s 21st century infrastructure.
22 99.9955%
Our networks provide an ever-increasing number of consumers and
businesses of all sizes with greater capabilities and new opportunities 23 99.9952%
to connect, build, and grow, while bridging the digital divide.
0 99.9 100
Bell investments are delivering benefits directly to our customers, How data governance helps create value
from providing more consumers with better access to family and We recognize that to achieve our purpose of advancing how Canadians
friends, remote learning and entertainment to enabling businesses connect with each other and the world, we must maintain the social
and communities to operate more efficiently and grow in the digital licence from our customers and all Canadians to collect and use data
economy. At the same time, by continuing to close the digital divide in our operations. A strong and consistently applied approach to data
that separate communities, we are also supporting growth among governance is critical to maintaining that social licence by focusing
suppliers and partners and helping build and drive innovation across on respecting the privacy of our customers’ data and protecting such
the Canadian digital ecosystem. data against information security threats. Conversely, failure to meet
In 2023, Bell’s capital expenditures were $4.6 billion as we continued to customer expectations regarding the appropriate use and protection
accelerate fibre deployments directly to homes and businesses and of their data can have negative reputational, business and financial
5G wireless connectivity throughout our footprint. As a direct result of consequences for our company.
these investments, Bell’s pure fibre Internet was made available to an
additional 633,000 homes and businesses by the end of 2023.
Our approach to data governance encompasses the protection and
Bell wireless and network technologies are a key part of Canada’s appropriate use of data across their life cycle, and we are incorporating
21st century infrastructure. Bell’s LTE wireless network reached 99% of data governance proactively as a core consideration in all our business
Canadians by 2020. Since then we have launched and expanded our initiatives and technology decisions. We have a data governance policy
5G network in urban and rural markets, reaching 86% of all Canadians which covers privacy, information security, data access management
by the end of 2023. and records management. All employees are trained on data governance,
Investing in network security, capacity and resiliency has helped Bell as part of our mandatory biannual code of business conduct training. In
achieve 99.9952% network reliability in 2023. Our investments provide 2023, Bell continued to make significant investments in people, processes
core network architecture, diversity and redundancy – including multiple and technology in order to seek to protect confidential information
transport routes – which minimize the risk of major service disruptions. from evolving cybersecurity threats.
We also proactively provide notifications to keep customers informed
if services are disrupted.
Key metric
2021 2022 2023
Number of unresolved well-founded

privacy complaints (2) from the Office of
the Privacy Commissioner of Canada – – –
(1) Bell’s network reliability refers to our high-speed Fibre-to-the home (FTTH) Internet connection. 2022 data have been restated to reflect a change in methodology. In 2022, the metric was
based on the entire Internet network (FTTH and N-FTTH).
87
How information security governance includes onboarding to our specialized Cyber Awareness platform,
helps create value the conducting of monthly phishing simulations and the completion
of four baseline courses. Team members must complete these four
Cybersecurity threats give rise to new and emerging standards and
courses within 12 months of being onboarded to the program. This
regulations. We need to be able to identify and address information
year, 95% of onboarded team members completed baseline training
security risks in a timely manner in order to be in a better position to
by the end of 2023. As we move forward, we believe a combination of
protect our market share and reputation, and these efforts align with
training, clear messaging, and positive reinforcement when reporting
our strategic imperative to champion customer experience, while at the
a phishing attempt, should lead to year-over-year phishing report
same time reducing exposure to cyberattacks. Avoiding data breaches
rate improvement.This year, we observed a 142% increase in reported
can also limit the increase in expenses associated with remediation
phishing simulations by trained employees.
efforts and legal exposures, aligning with our strategic imperative to
operate with agility and cost efficiency. Key metric
MD&A Overview
Our activities and outcomes Reported phish simulation between our fully trained
We are focused on maintaining the trust that our customers have in us to
employees and non-trained employees on our Be Cyber
Savvy information security training
protect their data. To do this, we are implementing prevention, detection,
and response programs related to security threats. In addition, we are 22
helping define industry security and risk management practices, and Non-trained
we are training our team members on data protection.
1
In 2023, we have aligned our Information Security program at 100% of 23 +142% more reporting
the ISO/IEC 27001 standard. Starting in 2021, we launched our Be Cyber Fully trained
Savvy information security training program. This training program
Our customers and relationships

Our customers
and relationships
Since 2010, the Bell Let’s Talk mental health initiative has raised Health and Well-Being for Post-Secondary Students or the Québec
awareness and action for Canadian mental health, with a focus on Action Plan on Student Mental Health for Higher Education.
helping reduce the stigma around mental illness, improving access • Since the launch in 2020, the Bell Let’s Talk Diversity Fund provided
to care, supporting world-class research and leading by example in 49 grants totalling $5.45 million, including 10 new grants announced
workplace mental health. Over the last 14 years, Canadians have taken in January 2024.
action to create real change by engaging in the world’s largest mental
• The Bell Let’s Talk Community Fund has provided over 1,100 grants
health conversation, to help create a Canada where everyone can get and invested over $20.5 million, including 115 new grants announced
the culturally-appropriate mental health support they need. By 2025, in October 2023.
Bell expects to reach its total current commitment of $155 million for
Canadian mental health supports and services. • In 2023, The Bell True Patriot Love Fund awarded a total of $350,000 to
10 organizations making a meaningful difference in the military
How taking action on mental health veteran community.
helps create value • Also in 2023, Bell Let’s Talk announced a $1 million gift to the IWK
Our products and services help communities thrive, and we believe the Health Foundation in Halifax, the Maritime’s leading children’s health
way we invest – our time, our money and our passion – has a positive care and research centre.
impact on the communities we serve. Communities also benefit from On Bell Let’s Talk Day 2024, communities and organizations across
the engagement of our team members as they support the causes they Canada showed their support for mental health by raising the Bell Let’s
value deeply. Bell is taking a leading role in helping address the mental Talk flag at city and town halls, military bases, schools and other locations.
health crisis in Canada with the Bell Let’s Talk mental health initiative. Students at Canadian elementary and high schools, universities, colleges
The program encourages Canadians to take action and achieve real and cégeps across the country also engaged in a variety of initiatives
change in their mental health. in their learning environments to promote student mental health.
Our activities and outcomes Key metric

Bell Let’s Talk is active year round providing funding through the Bell In 2023, Bell made a fundamental shift in the Bell Let’s Talk Day campaign
Let’s Talk Community Fund, Diversity Fund, Post-Secondary Fund and by highlighting the mental health crisis Canadians are facing in very real
Bell True Patriot Love Fund. Bell Let’s Talk has partnered with more than and personal ways, and issued a collective call to action and change.
1,500 organizations including hospitals, universities, local community Bell Let’s Talk Day 2024 continued to put a spotlight on mental health
service providers and other care and research organizations. This organizations across the country that are providing support and services
collaboration has enabled these organizations to improve access to for Canadians experiencing mental health issues – organizations that Bell
mental health supports and services in communities nationwide. Let’s Talk is proud to support. Bell expects to reach its current commitment
• In January 2024, the Bell Let’s Talk Post-Secondary Fund awarded of $155 million for Canadian mental health programs by 2025.
$1 million to 11 Canadian colleges, universities, and cégeps to support
initiatives that align with the National Standard of Canada for Mental

Our products
and services
Our products and services provide value to Canadians by helping them the customers are not deducted from the total carbon abatement of
both mitigate climate change and adapt to its impacts. Our solutions solutions, but are included in our operational emissions. Only the benefits
enable customers to reduce environmental impacts, improve health resulting from technologies deployed to Bell’s clients are considered,
and safety and better safeguard protected data from growing risks. i.e., environmental benefits associated with solutions implemented
within Bell’s own operations are not included. An example of how the
How our products and services contributing calculations were made is provided below:
to climate change mitigation and adaptation
helps create value Business- Physical meeting in one room between 2 or more participants,
as-usual including the transportation to the meeting location
MD&A Overview
Bell technologies and services can help our customers reduce energy scenario
needs, minimize carbon footprints and enhance productivity. Our
solutions help businesses embrace new ways to communicate, Bell’s Virtual meeting through a cloud-hosted platform with
solution integrated video and audio conferencing, online presentations,
collaborate, ensure business continuity and be able to maintain services shared applications and group document editing. Users
in the event of emergencies and extreme incidents. can share their entire or part of their desktop, or a specific
application with a small group of people.
1
Carbon GHG emissions avoided from business travel for a meeting
Our solutions include: abatement due to the use of Bell’s web conferencing solution
• virtualization and cloud computing which encourage optimal use of
space, power and cooling resources by consolidating servers and
The calculation method of the carbon abatement ratio is based on existing
storage and improve business continuity through redundancies in
methodologies developed in the Information and Communications
our network
Technology (ICT) sector. The calculation, as shown below, is based on
• IoT services which can help optimize asset and fleet management assumptions that are dependent on customers’ behaviour over which
and are effective for smart buildings, smart cities, smart operations Bell has no control.
and smart fieldwork applications. Electronic controls coupled with
GHG emissions GHG emissions
our communications networks can help communities adapt to rising Carbon
(business as usual case) – (using Bell’s solutions case)
mean temperatures and/or events such as extended heat waves.
abatement =
ratio
Bell’s total operational GHG emissions (scope 1 & 2)
• hybrid workforce solutions and teleworking which help ensure business
continuity, as evidenced during the COVID-19 pandemic Key metric
• dematerialization, the reduction of the quantities of materials needed GHG emissions estimated to have been avoided by our
to serve an economic function, which substitutes technology (e.g., customers through the use of Bell’s products and services
online banking apps) for travel (e.g., commuting to the bank) Number of times by which GHG emissions estimated to have been abated
by our customers through the use of Bell’s technologies exceeded scope 1
At Bell, we believe it is important to understand the net carbon abatement and 2 GHG emitted by Bell’s operations (1)
impact of our solutions. To achieve this, we have worked with Groupe
5.2
AGECO, a third-party consultant with expertise in GHG emissions
quantification, to develop a methodology that uses a carbon abatement
ratio which estimates the carbon reduction capacity of our products
and services used by our customers. The carbon abatement ratio
represents the GHG emissions estimated to have been avoided by our 2.5
2.2
customers 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 technology
is not used compared to the case where Bell’s products are used. The
avoided GHG emissions correspond to the difference between the 15 17 20
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 the solutions to
(1) GHG emitted by Bell’s operations refers to scope 1 emissions (direct GHG emissions from sources that are owned or controlled by Bell) and scope 2 emissions (indirect GHG emissions associated
with the consumption of purchased electricity, heating/cooling and steam required by Bell’s activities). The analyses were performed based on 2015, 2017 and 2020 data, respectively.
89
Our environment
Our
environment
We strive to minimize the negative environmental impacts of our publicly report on our energy performance and GHG emissions as part
operations and to create positive impacts where possible. We also know of our environmental and energy management systems. Since 2003,
that our team members, our customers, and our investors expect this. we report on our climate change mitigation and adaptation efforts
Taking care of the environment makes good business sense. If we fail to through the CDP (formerly the Carbon Disclosure Project), a not-for-
take action to reduce our negative impacts on the environment, we risk profit organization that gathers information on climate-related risks
losing our valuable team members and customers to competitors, we and opportunities from organizations worldwide. In 2023, we obtained
risk increased costs due to fines or remediation requirements, and we an A- score from the CDP, ranking us in the “Leadership Band” for the
risk losing investors, all of which could adversely impact our business. eighth consecutive year, recognizing our leadership on climate action,
MD&A Overview
our alignment with current best practices and the transparency of

We have been implementing and maintaining programs to reduce
our climate-related disclosures. Furthermore, we disclose annually
the environmental impact of our operations for more than 30 years.
on our risks and opportunities related to climate change following the
Our Environmental Policy, first issued in 1993, reflects our team
11 recommendations of the Task Force on Climate-related Financial
members’ values, as well as the expectations of customers, investors
Disclosures (TCFD). We are also engaged in reducing our GHG footprint
and society that we regard environmental protection as an integral
to contribute to the global effort in fighting climate change. We have
part of doing business that needs to be managed systematically under
set the target to be carbon neutral for our operational GHG emissions
1
a continuous improvement process. We implemented an environmental

management system (EMS) to help with this continuous improvement, (scope 1 and 2 only) starting in 2025. For 2026 and 2030, we have set
science-based GHG emissions reduction and supplier engagement
which has been certified ISO 14001 (1) since 2009, making us the first
targets that are consistent with the goals of the Paris Agreement. The
North American communications company to be so designated. We
Science Based Targets initiative (SBTi) (4) has approved the three specific
have continuously maintained this certification since then. In addition,
targets set by BCE Inc. that cover all scopes.
Bell’s energy management system was certified ISO 50001 (2) in 2020,
also making us the first North American communications company to Key metrics
be so designated (3).
Energy intensity Operational (scope 1 and 2)
How addressing climate change (Energy consumption (Megawatt GHG emissions
hours (MWh) equivalent) divided by (tonnes of CO2 e)
helps create value network usage (petabytes))
Climate change poses risks to our operating environment and our
151 262,951 265,010 256,325 256,366
ability to create value. To help mitigate these risks, we aim to reduce
our energy consumption and GHG emissions while continuing to adapt
to the impacts of climate change. 111
103 99

We are taking action both to help fight climate change and adapt to its
consequences. We are adapting by taking action to seek to maintain our
resiliency in the face of climate change, and are helping our customers
do the same. To fight climate change, we are focused on reducing our
energy consumption and GHG emissions, while also helping customers 20 21 22 23 20 21 22 23
reduce theirs. Fostering innovation that helps reduce our carbon footprint
is part of our culture. On an annual basis, we calculate, monitor and
(1) Our ISO 14001 certification covers Bell Canada’s administrative oversight of the EMS associated with the development of policies and procedures for the delivery of services for business
sectors including landline, wireless, television, Internet services, connectivity, broadband services, data hosting and cloud computing.
(2) Our ISO 50001 certification covers Bell Canada’s energy management program at its national business locations associated with the activities of real estate management services, fleet
services, radio broadcasting and digital media services, landline, wireless, television, Internet services, connectivity, broadband services, data hosting and cloud computing, in addition to
related general administrative functions.
(3) Bell’s review in 2020 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 receive ISO 14001 and 50001 certifications.
(4) The SBTi is a partnership between CDP, the United Nations Global Compact, World Resources Institute and the World Wide Fund for Nature driving ambitious climate action in the private
sector by enabling organizations to set science-based emissions reduction targets. The SBTi approved our targets in 2022, prior to the recalculation of our 2020 GHG emission base year.
The impact of this recalculation is an increase of our target to reduce absolute scope 1 and 2 GHG emissions by 58% instead of 57% by 2030, from a 2020 base year. The recalculated
target has been submitted to the SBTi for approval on October 20, 2023.

How circular economy helps create value 2025, from a 2019 baseline year. We’ve exceeded this target in 2023
by diverting a total of 16% waste from landfill. Through setting waste
We are improving our circular economy model to focus on solutions
reduction targets, such as the ones listed above, we are striving to build
that detach growth from accelerating raw material consumption in
a resilient path to circularity. In 2024, we will work to set a new target,
order to reduce the environmental impact of our operations. Waste
while efforts will continue to further divert waste from landfill and keep
reduction is essential to our objective of improving our operational
the numbers of electronic devices we recover as a key metric to monitor
efficiency and also aligns with the values and expectations of our team
our performance. We are also investing in research and development
members and customers.
for solutions where current technology does not provide responsible
Our activities and outcomes waste diversion methods.
Bell has managed waste reduction, reuse and recycling programs
Key metric
for more than 30 years. We have waste reduction goals and strong
monitoring processes in place that enable us to track and report on our Cumulative recovery of used TV receivers, modems,
MD&A Overview
activities that generate waste. To manage the waste created from the
Wi-Fi pods (1) and mobile phones
electronic devices we distribute to customers, we have implemented 19.7M
effective and accessible e-waste collection programs for the recovery,
16.5M
reuse, refurbishment and recycling of customer-facing devices, including
14.2M
national take-back programs, drop boxes and mail-in instructions. To
11.7M
measure the success of these programs, we had set a goal to collect 9.6M
1
7 million used TV receivers, modems, mobile phones and Wi-Fi pods
7.1M
between October 1, 2020 and September 30, 2023, which we’ve
4.7M
exceeded in 2023 with the collection of 7,760,323 devices. At Bell, we
2.2M
believe in leading by example, and so to continue to manage and reduce
the waste generated from our own operations, we have the target to
16 17 18 19 20 21 22 23
reach and maintain a 15% reduction of total waste sent to landfill by
Our people
Our
people
To execute on our strategic imperatives, we rely on the engagement and Our activities and outcomes
expertise of our team members. We focus on attracting, developing and To foster the well-being of our team members, we believe that engaging
retaining the best talent, as well as creating a positive team member our team members as well as nurturing an inclusive environment are
experience to drive effectiveness, high performance and agility in our both essential. We are proud to be again ranked as one of Canada’s
evolving business environment. Through workplace wellness initiatives Top Employers (2). Bell has also been recognized by Mediacorp as one
and by celebrating diversity in the workplace, we reinforce our goal of Canada’s Top Employers for Young People, Top Family-Friendly
of creating a safe and inclusive atmosphere for all team members. Employers, one of Canada’s Greenest Employers and one of Montréal’s
Top Employers (3) (4) (5) (6). We are focused on developing and retaining
How well-being helps create value the best talent in the country by providing a workplace that is positive,
Bell team members bring our corporate purpose and strategic professional and rewarding, all of which enable creativity and innovation.
imperatives to life every day. To support the Bell team, we strive for a We also continue to develop, implement and share mental health
dynamic culture where all team members feel valued and respected practices in the workplace, and to broaden our approach to emphasize
in a safe, supported environment. We offer inclusive benefits, ongoing total-health support. We educate team members through our training
education and awareness programs and a range of progressive programs and campaigns, support them through an extensive range of
initiatives to foster well-being and success. At Bell, we believe that mental health services, and support and adapt workplace policies and
taking care of the well-being of our team members is essential to their practices to foster a psychologically safe workplace. Since 2010, over
personal success and to our organization’s ongoing progress. 90 metrics have been measured quarterly and assessed for trends
(1) Wi-Fi pods have been included in the scope starting in 2021.
(2) Bell was recognized as one of “Canada’s Top 100 Employers” in years 2016 to 2024 by Canada’s Top Employers, an editorial competition organized by Mediacorp Canada Inc., a publisher
of employment periodicals. Winners are evaluated and selected based on their industry leadership in offering exceptional workplaces for their employees. Employers are compared to
others in their field to determine which offers the most progressive and forward-thinking programs.
(3) Bell was recognized as one of “Canada’s Top Employers for Young People” in years 2018 to 2024 by Canada’s Top 100 Employers. Winners are evaluated and selected based on the programs
offered to attract and retain young employees, when compared to other employers in the same field.
(4) Bell was recognized as one of “Canada’s Top Family-Friendly Employers” in years 2020 to 2024 by Canada’s Top 100 Employers. Winners are evaluated and selected based on the programs
and initiatives offered to help employees balance work and family commitments, when compared to other employers in the same field.
(5) Bell was recognized as one of “Canada’s Greenest Employers” in years 2017 to 2023 by Canada’s Top 100 Employers. Winners are evaluated and selected based on the development of
sustainability initiatives and environmental leadership, when compared to other employers in the same field.
(6) Bell was recognized as one of “Montréal’s Top Employers” in years 2013 to 2024 by Canada’s Top Employers. Winners are evaluated and selected based on progressive and forward-thinking
programs offered in a variety of areas, when compared to other organizations in the same field.
91
and program insights to closely monitor the psychological health of women within executive leadership positions and serving on Canadian
our workplace. Collecting qualitative and quantitative data is crucial corporate boards to at least 30%. In 2022 and 2023, Bell exceeded that
to ensuring that we are heading in the right direction and making any target with 32% women in executive positions but did not achieve Bell’s
required adjustments to our mental health programs. goal of at least 35% gender diverse executives (vice president level and
above) by the end of 2023 and in July 2023, we extended our target
Key metrics date to achieve this goal to the end of 2025.
People leaders who Overall team member Bell continues to take meaningful actions to address the impacts of
completed mandatory engagement score (1)
systemic racism experienced by Black, Indigenous and Persons of Colour
base training on
mental health (BIPOC). Our goal is to reach at least 25% BIPOC representation in our
senior management team by 2025. As of the end of 2023, we were
92% 91% 94% at 23%. We exceeded our target of 40% BIPOC representation in our
new graduate and intern hires, achieving 66% representation in 2023.
MD&A Overview
76% 76% 73% Ongoing partnerships with the Onyx Initiative and the Black Professionals
in Tech Network are helping drive the recruitment of Black college and
university students and promote Black talent in technology. Bell Media
continues to promote greater diversity in Canadian media with the
HireBIPOC website and the Bell Media Content Diversity Task Force in
partnership with BIPOC TV & Film.
1
Looking ahead, we plan to continue building momentum for our DEIB

21 22 23 21 22 23 strategy based on concrete objective-setting and the integration of
inclusive leadership practices.
How fostering diversity, equity, inclusion
and belonging helps create value Key metrics
At Bell, we are proud of our focus on fostering a diverse, inclusive, Gender diverse (4) Gender diverse (4)
equitable and accessible workplace where all team members feel valued, representation in representation
respected and supported. We are dedicated to building a workforce executive positions among directors
that reflects the diversity of the communities we serve, where every (vice-president level and above) on the BCE Board
team member has the opportunity to reach their full potential. The
integration of DEIB programs within Bell fosters the innovation and
creativity of our team members.
Our activities and outcomes 36% 36%

33% 32% 32% 33%
Our DEIB strategy is supported by a governance framework that
includes the Diversity Leadership Council with senior leaders from every
business unit, business unit committees and employee-led networks,
including Black Professionals at Bell, Pride at Bell, Diversability at Bell
and Women at Bell.
21 22 23 21 22 23
In line with our objective of improving gender diversity, our current
gender diversity target for the Board is a minimum of 35% gender
BIPOC BIPOC
diverse directors, defined as directors who identify as women and representation representation
directors who identify with a gender other than a man or a woman. in Bell senior among new graduates
This target was met from its adoption, in 2021, until the appointment management and interns
of Johan Wibergh to the Board on November 1, 2023, following which
66%
(and as of December 31, 2023) 33% of all directors identified as women.
With the increase in the number of directors upon his appointment, the
52%
Board is temporarily below the target to allow for an orderly transition
ahead of the retirements of David F. Denison and Robert C. Simmonds at 41%
the end of the 2024 Annual General Shareholder Meeting (the Meeting)
in May. The target will be met again if all director nominees are elected 23% 23%
20%
at the Meeting, after which directors identifying as women will represent
38% of all directors. In step with our overarching corporate objective to
improve gender diversity across levels, including in our senior leadership,
Bell was a signatory to the Catalyst Accord 2022 (2) and is currently a 21 22 23 21 22 23
member of the 30% Club, (3) which aim to increase the proportion of
(1) This metric is calculated as the average score obtained in the annual Bell team member satisfaction survey. The Team Member Engagement score is based on five specific questions and
the percentage of employees who responded favourably (Strongly agree or Agree) to these questions out of the total number of employees who responded to the survey.
(2) 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.
(3) Recognizing Canada’s distinct corporate governance framework, the aim of the 30% Club Canada is to include both board Chairs and CEOs to achieve better gender balance at board
level, as well as at senior management levels.
(4) Gender diverse is defined as a person who identifies as a woman or with a gender other than a man or a woman.

Our financial resources
Our financial
resources
The financial resources of the company are addressed throughout this MD&A. In addition, in 2022 and 2023, we added sustainability-linked
pricing to our $3.5 billion committed credit facilities, to our securitization program and to certain derivatives, introducing price adjustments
based on our performance of certain sustainability performance targets.
Assumptions
GHG emissions reduction and supplier DEIB targets
engagement targets
MD&A Overview
Our
Our people
environment
Our DEIB targets are based on a number of assumptions including,
Our GHG emissions reduction and supplier engagement targets are without limitation, the following principal assumptions:
based on a number of assumptions including, without limitation, the • Ability to leverage DEIB partnerships and recruitment agencies to help
following principal assumptions: identify qualified diverse talent for vacant positions
1
• Our ability to purchase a significant amount of high-quality credible • Sufficient diverse labour market availability
carbon credits and/or renewable energy certificates (RECs) to offset
• Implementation of corporate and business initiatives to increase
or reduce, as applicable, our GHG emissions awareness, education and engagement in support of our DEIB targets
• The carbon offset resulting from the purchase of carbon credits will • Propensity of existing employees and job-seekers to self-identify to
be permanent and will not be reversed, in whole or in part, prior to enable a diverse workforce representation
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
93
Explanation of certain climate-related terms, metrics and targets
Scope 1, 2 and 3 GHG emissions starting in 2025, we expect that we will need to purchase a significant
Scope 1 emissions are direct GHG emissions from sources that are amount of carbon credits to offset our scope 1 and 2 GHG emissions
controlled by Bell. Scope 2 emissions are indirect GHG emissions that will not have been avoided by internal initiatives, in addition to RECs
associated with the consumption of purchased electricity, heating/ to reduce our scope 2 emissions. In 2023, our scope 1 and 2 emissions
cooling and steam required by Bell’s activities. Scope 1 and 2 emissions represented 12% of our total carbon footprint. Our target for carbon
are sometimes collectively referred to in this MD&A as “operational neutral operations excludes our scope 3 emissions that represented
emissions”. Scope 3 emissions are all indirect emissions (not included 88% of our carbon footprint in 2023.
in scope 2) that occur in our value chain, including both upstream and
downstream emissions. Science-based targets
Science-based targets provide a clearly-defined pathway for companies
By definition, GHG emissions from scope 3 (upstream and downstream
MD&A Overview
to reduce GHG emissions, aiming to prevent the worst impacts of climate

indirect emissions) occur from sources owned or controlled by other
change. Targets are considered ‘science-based’ if they are in line with
entities in Bell’s value chain (such as our suppliers, employees and
what the latest climate science deems necessary to meet the goals of the
customers). As a result, measuring scope 3 emissions is more complex
Paris Agreement – limiting global warming to 1.5°C above pre-industrial
than measuring scope 1 and scope 2 emissions, for which we are able to
levels. The SBTi brings together a team of experts to provide companies
obtain primary data (such as litres of fuel consumed within our vehicle
with independent assessment and validation of targets.
fleet and kilowatt-hours of electricity consumed within our buildings).
1
For scope 3 categories for which primary data is not available, we have Net zero target
to rely on secondary data (such as financial data and industry-average
BCE’s carbon neutrality and science-based targets are different than,
data from published databases). These data collection challenges
and independent of, the SBTi’s net zero target. Net zero refers to the
contribute to uncertainty in scope 3 emissions measurement.
state in which an organization reduces GHG emissions in its entire
value chain (i.e., scopes 1, 2 and 3 GHG emissions) to as close to zero as
Carbon neutrality
possible (with a minimum reduction of at least 90%) and neutralizes (1)
We will measure our carbon neutrality performance based on our
any remaining emissions such that its net global GHG emissions balance
operational GHG emissions (scope 1 and scope 2 emissions in tonnes
to zero. At the moment, BCE does not have a net zero target.
of CO2 e) minus GHG emissions offset by carbon credits purchased (in
tonnes of CO2 e). To be carbon neutral, the total must be equal to zero
or lower. In order to achieve our target of carbon neutral operations
(1) According to SBTi, neutralize means that carbon is removed from the atmosphere and permanently stored in geological, terrestrial, or ocean reservoirs, or in products.

2 Strategic imperatives
Our success is built on the BCE team’s dedicated execution of the six strategic imperatives
that support our purpose to advance how Canadians connect with each other and the world.
This section contains forward-looking statements, including relating to our network deployment plans, the cost savings expected to result
from workforce reductions, our ESG objectives, and our 2024 objectives, plans and strategic priorities. Refer to the section Caution regarding
forward-looking statements at the beginning of this MD&A.
MD&A Strategic imperatives

2.1 Build the best networks
Continuing to enhance our key competitive advantage • Launched mobile service in Toronto’s TTC subway tunnels and stations
with a focus on delivering leading broadband fibre and for Bell, Virgin Plus and Lucky Mobile customers
wireless networks in locations large and small. • Continued to work closely with governments on projects to bring
broadband access to remote and other hard to serve areas, including
2023 progress
in rural Ontario, and in Newfoundland and Labrador with the Universal
• Expanded our FTTP direct fibre footprint to an additional 633,000 homes Broadband Fund
and businesses. FTTP enables multi-gigabit symmetrical download and
2
upload Internet speeds, offering a performance and quality advantage • Announced new wavelength data routes with speeds up to 400 gigabits
that will enable triple redundancy between Secaucus, NJ, Toronto and
over cable networks. At the end of 2023, approximately 6.5 million
Montréal, expected to be available in the first half of 2024, in partnership
locations in Bell’s footprint had access to multi-gigabit symmetrical
with FirstLight Fiber, an Albany, New York-based provider of fibre-
speeds of 3 Gbps.
optic data, Internet, data centre, cloud, unified communications, and
• Secured the acquisition of 939 licences for 1.77 billion MHz-Pop of managed services to enterprise and carrier customers throughout
3800 MHz spectrum for $518 million following ISED’s wireless spectrum
the Northeast and mid-Atlantic
auction, enabling Bell to continue bringing fast and reliable 5G+ wireless
service to more people and businesses across Canada. Combined with 2024 focus
our existing 3500 MHz holdings, Bell will have access to an industry-
• Further deployment of direct fibre to more homes and businesses
leading 3.5 billion MHz-Pop of 5G+ spectrum nationwide, acquired at a within our wireline footprint, but at a slower pace than during any
total cost of $2.78 billion, the lowest among national wireless carriers. of 2020 to 2023. Bell’s near-term fibre build target is to reach 8.3 million
• Expanded our 5G wireless network to reach 86% of Canada’s population locations with fibre by the end of 2025.
• Expanded 5G+ service coverage, leveraging 3500 MHz spectrum, to • Ongoing expansion and deployment of 5G and 5G+ wireless networks,
reach 51% of Canada’s population offering competitive coverage and quality
• Bell 5G was ranked Canada’s fastest and best 5G network by Global
Wireless Solutions (GWS) for the third consecutive year in its 2023
nationwide assessment of 5G networks (1). New this year, GWS’s testing
included 3500 MHz network wireless spectrum and determined Bell’s
network (5G+) performance to be the fastest and best in the country.
2.2 Drive growth with innovative services

Leveraging our leading network technologies to • Entered into a multi-year strategic agreement with Air Canada,
provide truly differentiated communications services which includes premier sponsorship of its in-flight Wi-Fi, free
to Canadians and drive revenue growth. in-flight messaging for Aeroplan members and the distribution of
complimentary SIM cards on board to enable newcomers and visitors
2023 progress arriving in Canada to activate a wireless SIM while still in the air
• Added 411,189 total net postpaid and prepaid mobile phone subscribers, • Virgin Plus unveiled a fresh new look with more affordable service
bringing Bell’s mobile phone customer base to 10,287,046 at
offerings for everyone, including those new to Canada, including
December 31, 2023, up 3.4% over 2022
unlimited nationwide rate plans and access to 5G, plus updated
• Entered into a multi-year exclusive agreement with Staples Canada Member benefits
to sell Bell, Virgin Plus and Lucky Mobile wireless and wireline
services through Staples stores across Canada for consumers
• Built on our position as the leading Internet service provider (ISP) in
Canada with a retail high-speed Internet subscriber base of 4,473,429
and small businesses. In addition, Bell and Staples are partnering
at December 31, 2023, up 5.0% over 2022
to sell Bell wireless and wireline services direct to medium-sized
businesses through the Staples Professional sales team, backed by
Bell’s communications expertise.
(1) Based on a third party score (Global Wireless Solutions OneScore) calculated using Bell wireless 5G network testing in Canada against other national wireless networks from April 12, 2023
to October 27, 2023.
95
• Bell pure fibre was ranked Canada’s fastest Internet and Wi-Fi in and supply chain, Bell will wind down The Source head office and
Ookla’s Q1-Q2 2023 and Q3-Q4 2023 Speedtest Awards reports (1) back office operations, as well as close 107 The Source stores.
• Named the Best Major & All Around ISP in Canada in PCMag’s Best • In February 2024, Bell announced a partnership with SentinelOne,
ISPs 2023 Canada report, based on Internet speed as well as price, a global leader in AI-powered security, to provide extensive data
coverage and customer satisfaction (2) protection services for Bell’s enterprise customers
• Recognized as BrandSpark’s Most Trusted ISP 2024 (3) • In February 2024, Bell announced a collaboration with Microsoft to
• Launched Gigabit Fibe 3.0 service in Manitoba with symmetrical bring new hybrid work solutions to Canadian enterprises with the
download and upload speeds of 3 Gbps launch of Bell Operator Connect, pairing Bell’s high-quality voice
network and Microsoft Teams. Bell is also rolling out Microsoft 365
• Acquired FX Innovation, a Montréal-based provider of cloud-focused
within its own enterprise IT environment.
managed and professional services and workflow automation
solutions for business clients. The acquisition enables the delivery • In February 2024, Bell announced a collaboration with Mila, a research
of leading-edge technology solutions for Canadian businesses and institute in AI, to apply deep learning neural network algorithms
supports Bell’s position as a technology services leader. to Bell’s systems and data to improve business performance and
customer experience and accelerate AI innovations using cloud
• Entered into a collaboration with ServiceNow, a digital workflow
computing
company, to launch Service Bridge capabilities on the ServiceNow
platform, leveraging FX Innovation’s deep industry expertise to elevate • Increase our market share of national operators’ wireless mobile
the end-to-end experience for Bell customers with customized solutions phone net additions
and automation capabilities • Introduction of more 5G and 5G+ devices and services
• Partnered with Palo Alto Networks to better support Canadian • Increased adoption of unlimited data plans and device financing plans
businesses managing their cloud security with the launch of two new
• Accelerated business customer adoption of advanced 5G and IoT
2
cloud-native application protection platform (CNAPP) solutions, Cloud solutions

Security Posture Assessment and Cloud Security Posture Protection
• Continued growth in retail Internet subscribers
2024 focus • Enhance Internet product superiority through new service offerings and
• Leverage innovative new partnerships and collaborations to deliver hardware to provide an enhanced customer experience in the home
for our customers • Cross sell to customers who do not have all their telecommunication
• In January 2024, Bell entered into a strategic partnership with Best services with Bell
Buy Canada to operate 165 The Source consumer electronics retail • Continued diversification of Bell’s distribution strategy with a focus
stores in Canada, which will be rebranded as Best Buy Express and on expanding DTC and online transactions
offer the latest in consumer electronics from Best Buy along with • Continue to deliver network-centric managed and professional services
exclusive telecommunications services from Bell. In February 2024, solutions to large and medium-sized businesses that increase the
Bell announced that with the strengths of Best Buy’s buying power value of connectivity services
2.3 Deliver the most compelling content

Taking a unified approach across our media and • Forged a licensing and distribution pact with FOX Entertainment Global
distribution assets to deliver the content Canadians to support Canadian original productions for all Bell Media platforms,
want the most. including CTV and Crave, and in the U.S. for FOX
2023 progress • TSN acquired exclusive media rights to PGA Tour Live, featuring more
than 4,300 hours of live coverage from PGA Tour events throughout
• Increased our IPTV subscriber base by 4.1% to 2,070,342 at December 31, the season
2023
• Launched TSN+, a DTC streaming product available on TSN.ca and the
• Crave expanded its DTC subscription offering with the launch of TSN app that provides access to marquee live games and events that
ad-supported plans, giving customers a range of options to access
are incremental to the sports content delivered across TSN’s platforms
Crave’s ever-growing lineup of award-winning premium content
• Launched Addressable TV, an innovation that delivers tailored ads
• 2023 was the most watched year in Crave’s streaming history to TV audiences, across Bell Media’s premium linear and video on
• Maintained CTV’s #1 ranking as the most-watched TV network in demand (VOD) content on CTV, CTV2, and Noovo, as well as a selection
Canada for the 22nd year in a row of English and French specialty channels
• Extended a long-term and exclusive licensing agreement with Warner • Launched Addressable Audio, an innovative new format that
Bros. Discovery that includes HBO and Max Originals, new cable and dynamically inserts digital audio ads into live linear programming, and
library television series, and pay and post-pay window rights for on-demand content on iHeartRadio.ca and the iHeartRadio Canada app
Warner Bros. films and library films
• Implemented upgrades to Bell Media’s proprietary Strategic Audience
Management (SAM) tool, including faster optimization, better proposals,
expanded user capabilities, and automation
(1) Based on analysis by Ookla of Speedtest Intelligence data Fixed and Wi-Fi nationally aggregated Speed Score results for Q1–Q2 and Q3–Q4 2023. Ookla trademarks used under license
and reprinted with permission.
(2) PCMag Best ISPs 2023: Canada, based on speed, price, coverage and customer satisfaction comparing major and overall Canadian ISPs from June 1, 2022 to June 27, 2023.
(3) BrandSpark is a research and consulting firm. Winners were determined by a national survey of 15, 878 Canadian shoppers who gave their top-of-mind, unaided answers as to which
brands they trust most and why in categories they have recently shopped.

2024 focus • Continued support of original French programming with a focus on
digital platforms such as Crave, Noovo.ca and iHeartRadio, to better
• Continued growth in IPTV subscribers
serve our French-language customers through a personalized digital
• Enhance TV product superiority through new service offerings and experience
innovation to provide an enhanced customer experience in the home
• In January 2024, Bell launched the next generation Fibe TV service
• Grow advertising revenue and maximize market share
in Atlantic Canada, with capabilities and features including live TV, • Continued scaling of our SAM TV and demand-side platform (DSP)
on-demand shows and movies, access to the Google Play app buying platforms, Bell Media’s advertising buying optimization platforms
catalogue, voice remote powered by Google Assistant, universal which give customers the ability to plan, activate and measure
search, Cloud PVR and unlimited simultaneous streams with the marketing campaigns using Bell’s premium first-party data and expand
Fibe TV app personalization of ad content to TV and digital radio
• Advance our digital-first media strategy including growing digital

• Reinforce industry leadership in conventional TV, specialty TV, pay TV, revenues (1) and DTC subscribers
streaming and sports services
• Optimize unique partnerships and strategic content investments to
• Continued scaling of Crave through optimized content offering, user monetize content rights and Bell Media properties across all platforms
experience improvements and expanded distribution
• In February 2024, Bell Media reached an agreement with Amazon to
make Crave available on Prime Video Channels in Canada
2.4 Champion customer experience
2
Making it easier for customers to do business • Leveraged our online and social media platforms to do a better
with Bell at every step, from sales to installation, job keeping customers informed through social media and outage
to ongoing support. notifications accessible online through the MyBell app
2023 progress • Increased our share of digital online service transactions through
self-serve tools to nearly 70% of all digital transactions
• Led national telecom service providers in reducing our share of
consumer complaints, according to the 2022–2023 Annual Report • Leveraged AI to automate the service experience either through our
agents or our digital platforms
from the Commission for Complaints for Telecom-television Services
(CCTS). Bell reduced its share of total industry complaints for an eighth 2024 focus
consecutive year, decreasing its share of complaints by 6% over the
previous year. • Improve customer experience with continued scaling of digital sales
capabilities and functionality
• Won a Webby award for the MyBell app (2), recognized by both a panel
of expert judges and the voting public. The app was judged among • Further improve and expand self-installation capabilities
14,000 applicants across criteria including user experience, design, • Further improve customer satisfaction scores
innovation and overall usability. • Further reduce the total number of customer calls to our call centres
as well as the number of truck rolls
• Reached one million digital repair sessions on our self-serve Virtual
Repair tool, and enhanced the tool with new features such as Wi-Fi • Continue to invest in AI and machine learning to resolve customer
check-up to help customers simplify the repair process issues faster
2.5 Operate with agility and cost efficiency

Underscoring our focus on operational • Maintained stable BCE consolidated adjusted EBITDA margin (3)
excellence and cost discipline throughout • Maintained low average after-tax cost of Bell Canada’s publicly issued
every part of our business. debt securities of 3.0%
2023 progress 2024 focus
• Launched a multi-year operational transformation project to modernize • Accelerate Bell’s transformation from a telco to a techco
our operations, increase productivity, build tech talent and materially
right-size our cost base, to support Bell’s evolution from a telco to • Continued focus on our cost structure
a techco • Realize cost savings from:
• workforce restructuring initiative announced in February 2024,
• Undertook restructuring initiatives as a result of the unfavourable
economic and regulatory environments our largest in nearly 30 years, that will result in the reduction of
our workforce by approximately 4,800 positions, or 9% of all BCE
• Delivered productivity improvements and cost efficiencies resulting employees in 2024, and is expected to yield in-year cost savings of
from the expansion of Bell’s all-fibre network footprint and service
$150 million to $200 million, or $250 million on an annualized basis
innovations enabled by new broadband technologies
• operating efficiencies enabled by our direct fibre footprint
(1) Digital revenues are comprised of advertising revenue from digital platforms including web sites, mobile apps, connected TV apps and OOH digital assets/platforms, as well as advertising
procured through Bell digital buying platforms and subscription revenue from direct-to-consumer services and VOD services.
(2) The Webby awards are presented annually by the International Academy of Digital Arts & Sciences that honour outstanding digital achievements.
(3) Adjusted EBITDA margin is defined as adjusted EBITDA divided by operating revenues.
97
• changes in consumer behaviour and product innovation • new call centre and digital investments
• digital adoption • other improvements to the customer service experience
• product and service enhancements • lower contracted rates from our suppliers
• expanding self-serve capabilities • rationalization of real estate footprint
2.6 Engage and invest in our people and create a sustainable future
Strengthening our inclusive workplace culture, recognizing • Recognized with a Clean50 Top Project Award for our halocarbon
that Bell’s success requires a dynamic and engaged team free, energy-efficient computer room cooling project (7)
that is committed to the highest ESG standards. • Amended our securitization program to add sustainability-linked
pricing that introduces a financing cost that varies based on Bell’s

2023 progress
performance of certain sustainability performance targets
• Named one of Canada’s Top Employers for Young People for the sixth
consecutive year by Mediacorp (1) • Entered into our first Sustainability-Linked Derivatives, with a
pricing adjustment that increases the derivatives’ cost based on
• Named one of Canada’s Top Family-Friendly Employers for the fourth Bell’s performance towards its science-based target to reduce its
consecutive year by Mediacorp (2)
operational GHG emissions
• Named a Montréal Top Employer for the 11th consecutive year by
Mediacorp (3) 2024 focus
• Recognized with a special mention by the Workforce Disclosure • Continue to support employees with enhanced pension, savings and
2
Initiative’s (WDI) 2023 Workforce Transparency Awards benefits options that focus on flexibility, inclusion and wellness
• Introduced a new virtual health care program to team members called • Deliver new Bell U tech training for leaders to advance and build the
Dialogue, making it easier to bring high-quality health care to our team company’s transformation culture
and their families when they need it, 24 hours a day, 7 days a week • Play an active role in engaging our team and the broader community
• Launched a new Human Rights and Accommodation policy as part in diversity issues and deliver on DEIB objectives
of our ongoing objective to take action to promote our team’s human • Continue to enhance our workplace programs for the mental health
rights and continue fostering an accessible, inclusive and equitable and well-being of all Bell team members, by evolving existing programs
workplace and focusing on prevention and protective psychological workplace
• Released a new Accessibility Plan on BCE.ca, improving our ongoing factors to proactively improve mental health
focus and support for all Canadians • Continue to implement our action plan to address climate change and
• Continued to support our DEIB strategy through various initiatives, achieve carbon neutral operations starting in 2025
policies, training and multiple employee resource groups, including the • In January 2024, we were ranked the most sustainable commu-
launch of a new Diversability at Bell employee group to help advance nications company in the world in the Corporate Knights Global
inclusion and promote accessibility at Bell 100 2024 ranking (8)
• Ranked 1st most sustainable telecom globally and 51st overall in the • Enhance our Cyber Savvy program for employees, further advancing
Corporate Knights Global 100 2024 ranking of the most sustainable their cyber security knowledge and awareness
corporations in the world (4)
• Continue to advance ESG initiatives and Bell for Better commitments
• Named to the Canada’s Best 50 Corporate Citizens list compiled by
Corporate Knights, ranking 20th overall (5)
• Named one of Canada’s Greenest Employers for the seventh straight
year (6)
(1) Canada’s Top 100 Employers report is issued annually by Medicorp. Winners were evaluated and selected based on programs offered to attract and retain young employees, when
compared to other employers in the same field.
(2) Canada’s Top 100 Employers report is issued annually by Medicorp. Winners were evaluated and selected based on programs and initiatives offered to help employees balance work and
family commitments, when compared to other employers in the same field.
(3) Canada’s Top 100 Employers report is issued annually by Medicorp. Winners were evaluated and selected based on progressive and forward-thinking programs offered in a variety of
areas, when compared to other organizations in the same field.
(4) In January 2024, Corporate Knights, a sustainable-economy media and research company, ranked Bell #1 among telecom providers and #51 overall in its global 2024 ranking of the World’s
100 Most Sustainable Corporations. The ranking is based on an assessment of more than 6,000 public companies with revenue over US $1 billion. All companies are scored on applicable
metrics relative to their peers, with 50% of the weight assigned to sustainable revenue and sustainable investment.
(5) According to Corporate Knights Inc. The annual ranking was released on June 28, 2023 and is based on a set of 25 ESG indicators that compares Canadian companies with a gross revenue
of at least $1 billion.
(6) Canada’s Top 100 Employers report is issued annually by Medicorp. Winners were announced in April 2023 and were selected and evaluated in terms of: the unique environmental initiatives
and programs they have developed; the extent to which they have been successful in reducing the organization’s own environmental footprint; the degree to which their employees are
involved in these programs and whether they contribute any unique skills; and the extent to which these initiatives have become linked to the employer’s public identity, attracting new
employees and clients to the organization.
(7) The Clean50 Awards were founded by Delta Management Group, a sustainability, ESG and clean tech focused search firm in Canada, in June 2011 and have been awarded annually since.
Selection is primarily by Delta Management, with significant assistance by third- party advisors and based on detailed submissions by nominees. Clean50 Top Projects annually recognize
projects completed in the prior two years based on their innovation, ability to inform and inspire other Canadians.
(8) According to Corporate Knights Inc.’s global rankings released on January 17, 2024. BCE was ranked #51 overall and #1 in our sector and industry, in its 2024 ranking of the world’s 100 most
sustainable corporations. The ranking is based on an assessment of more than 6,000 public companies with revenue over US $1 billion. All companies are scored on applicable metrics
relative to their peers, with 50% of the weight assigned to sustainable revenue and sustainable investment.

3 Performance targets, outlook,
assumptions and risks
MD&A Performance targets, outlook, assumptions and risks

This section provides information pertaining to our performance against 2023 targets, our consolidated business outlook and operating
assumptions for 2024 and our principal business risks.
3.1 BCE 2023 performance vs. guidance targets

Financial 2023 2023
measure target performance and results
Revenue growth 1% to 5% 2.1% BCE revenues grew by 2.1% in 2023, compared to 2022, driven by higher product revenue of 9.4%,
and higher service revenue of 0.9%, attributable to growth from our Bell CTS segment, moderated
by a decline in our Bell Media segment.
Adjusted EBITDA 2% to 5% 2.1% BCE adjusted EBITDA grew by 2.1% in 2023, compared to 2022, reflecting a greater contribution
growth from our Bell CTS segment, partly offset by a decline in our Bell Media segment. The growth was
driven by higher revenues, moderated by increased operating costs.
Net earnings Not applicable (20.5%) In 2023, net earnings decreased by 20.5%, compared to 2022, due to higher other expense mainly
growth due to losses on our equity investments in associates and joint ventures which included a loss on
BCE’s share of an obligation to repurchase at fair value the minority interest in one of BCE’s joint
3
ventures, higher interest expense, higher depreciation and amortization and higher severance,
acquisition and other costs, partly offset by higher adjusted EBITDA and lower impairment of assets.
Capital intensity (1) 19% to 20% 18.6% 2023 capital expenditures of $4,581 million declined by 10.8% year over year, which corresponded
to a capital intensity ratio of 18.6%, down 2.6 pts over last year, driven by lower planned capital
spending in 2023 subsequent to accelerated network investments in 2022, as well as an unplanned
additional $105 million decrease in Q4 2023 as a result of the CRTC’s decision in November 2023 to
mandate wholesale access to Bell’s FTTP network.
Net earnings Not applicable (23.5%) Net earnings attributable to common shareholders in 2023 decreased by $640 million, or $0.70 per
per share (EPS) common share, compared to 2022, due to higher other expense mainly due to losses on our equity
growth investments in associates and joint ventures which included a loss on BCE’s share of an obligation to
repurchase at fair value the minority interest in one of BCE’s joint ventures, higher interest expense,
higher depreciation and amortization and higher severance, acquisition and other costs, partly
offset by higher adjusted EBITDA and lower impairment of assets.
Adjusted net (7%) to (3%) (4.2%) Excluding the impact of severance, acquisition and other costs, net mark-to-market gains (losses)
earnings per share on derivatives used to economically hedge equity settled share-based compensation plans,
(adjusted EPS) (2) net equity gains (losses) on investments in associates and joint ventures, net gains (losses) on
growth investments, early debt redemption costs and impairment of assets, net of tax and non-controlling
interest (NCI), adjusted net earnings in 2023 was $2,926 million, or $3.21 per common share,
compared to $3,057 million, or $3.35 per common share, in 2022.
Cash flows from Not applicable (5.0%) In 2023, BCE’s cash flows from operating activities of $7,946 million decreased by $419 million,
operating activities compared to 2022, mainly due to lower cash from working capital, in part from timing of supplier
growth payments, and higher interest paid, partly offset by higher adjusted EBITDA and lower contributions
to post-employment benefit plans.
Free cash flow 2% to 10% 2.5% Free cash flow of $3,144 million in 2023 increased by $77 million compared to 2022, mainly due
growth to lower capital expenditures, partly offset by lower cash flows from operating activities, excluding
cash from acquisition and other costs paid.
Annualized dividend $3.87 per share $3.87 per Annualized dividend per BCE common share for 2023 increased by $0.19 cents, or 5.2%,
per common share share to $3.87 compared to $3.68 per share in 2022.
(1) Capital intensity is defined as capital expenditures divided by operating revenues.

(2) Adjusted EPS is a non-GAAP ratio. Refer to section 11.2, Non-GAAP ratios in this MD&A for more information on this measure.
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3.2 Business outlook and assumptions
This section contains forward-looking statements, including relating to our projected financial performance, our anticipated capital expenditures
and network deployment plans, and our business outlook, objectives, plans and strategic priorities. Refer to the section Caution regarding
2024 outlook
2024 will be an important transformation year for BCE. We look to • Accelerating our business markets growth in cloud, security and
maintain operational momentum, while balancing growth with financial workflow automation solutions
performance, as we continue our transition to a tech services and digital • Maintaining our strength in digital media driven by our advanced
media company. Our outlook for 2024 takes into consideration potential advertising capabilities, premium inventory and new distribution
recessionary and competitive pricing pressures, as well as the financial initiatives
impact of our strategic distribution partnership with Best Buy Canada
• Realizing cost savings from our transformation initiatives, including
that will result in a decrease in largely consumer electronics related workforce reductions
revenue from our consolidated results. The impact of this partnership on
BCE’s adjusted EBITDA will not be material given relatively low margins Underpinning our outlook for 2024 is a stable financial profile that
for consumer electronics. Our 2024 outlook also reflects the impacts reflects our sound operating fundamentals and consistent execution in
of our workforce restructuring and other transformation initiatives a competitive marketplace. Wireless, retail Internet and IPTV subscriber
that aim to better position the company for future growth and success. base growth, together with promotional offer discipline and the flow-
through of operating cost savings from transformation initiatives,
Our strategic priorities in 2024 centre on: including a reduced workforce, are projected to drive year-over-year
• Accelerating growth investments, including in cloud and security growth in revenue and adjusted EBITDA. Directly as a result of federal
services, advanced advertising and digital transformation, while government policies and the CRTC’s decision in November 2023 to
3
de-emphasizing and reducing spending on highly-regulated and mandate wholesale access to Bell’s FTTP network, we plan a significant
declining businesses reduction in capital expenditures that will lead to a slowdown in our
• Maintaining focus on premium mobile phone subscriber acquisition pure fibre build and lower spending in highly-regulated businesses.
with increased emphasis on market growth Despite expected growth in adjusted EBITDA and lower planned capital
• Leveraging our existing fibre footprint, network speed leadership and expenditures, a combination of higher severance payments related
product strength to drive greater cross-sell penetration of Internet to workforce restructuring initiatives, higher interest paid and lower
households with wireless projected cash from working capital is expected to drive lower free
cash flow.
Assumptions
Assumptions about the Canadian economy • A shrinking data and voice connectivity market as business customers
• Slowing economic growth, given the Bank of Canada’s most recent migrate to lower-priced telecommunications solutions or alternative
estimated growth in Canadian gross domestic product of 0.8% in 2024, OTT competitors
down from 1.0% in 2023 • The Canadian advertising market is experiencing a slowdown consistent
• Easing, but still elevated, consumer price index (CPI) inflation as the with trends in the global advertising market, with improvement
effects of past interest rate increases work through the economy expected in the medium term, although visibility to the specific timing
and pace of recovery remains limited
• Easing labour market conditions
• Muted growth in household spending due to slow labour income • Declines in broadcasting distribution undertaking (BDU) subscribers
driven by increasing competition from the continued rollout of
growth, high debt-servicing costs and weak consumer confidence
subscription video on demand (SVOD) streaming services together
• Soft business investment growth due to slow demand and still-elevated with further scaling of OTT aggregators
borrowing costs
• Prevailing high interest rates expected to remain at or near current Assumptions underlying expected continuing
levels contribution holiday in 2024 in the majority
• Population growth resulting from strong immigration of our pension plans
• Canadian dollar expected to remain near current levels. Further • At the relevant time, our defined benefit (DB) pension plans will remain
movements may be impacted by the degree of strength of the U.S. in funded positions with going concern surpluses and maintain solvency
dollar, interest rates and changes in commodity prices. ratios that exceed the minimum legal requirements for a contribution
holiday to be taken for applicable DB and defined contribution (DC)
Market assumptions components
• A higher level of wireline and wireless competition in consumer, • No significant declines in our DB pension plans’ financial position due
business and wholesale markets to declines in investment returns or interest rates
• Higher, but slowing, wireless industry penetration • No material experience losses from other events such as through
litigation or changes in laws, regulations or actuarial standards

3.3 Principal business risks
Provided below is a summary description of certain of our principal high housing support costs relative to income, and financial and capital
business risks that could have a material adverse effect on all of market volatility. All of these could negatively affect our business and
our segments. Certain additional business segment-specific risks financial results, including by adversely affecting business and customer

are reported in section 5, Business segment analysis. For a detailed spending and the resulting demand for our products and services, our
description of the principal risks relating to our regulatory environment customers’ financial condition, the availability of our offerings in light of
and of the other principal business risks that could have a material supply chain disruptions, and the cost and amount of funding available
adverse effect on our business, financial condition, liquidity, financial in the financial markets.
results or reputation, refer to section 8, Regulatory environment and Furthermore, risk factors including, without limitation, those described in
section 9, Business risks, respectively. this MD&A, could be exacerbated, or become more likely to materialize,
as a result of geopolitical events, which could have an adverse impact
General economic conditions
on our business or future financial results and related assumptions, the
and geopolitical events
extent of which is difficult to predict. Geopolitical events could adversely
Our business and financial results could be negatively affected by impact the global economy and cause financial and capital market
adverse economic conditions, including a potential recession. The current volatility, broader geopolitical instability and armed conflicts, higher
global economic environment could further exacerbate pre-existing energy prices, increased inflationary pressures limiting consumer and
risk factors, including those described in this MD&A, in light of slowing business spending and increasing our operating costs, disruptions in
Canadian economic growth, elevated CPI inflation, high interest rates, our supply chain and increased information security threats.
Regulatory environment and compliance

3
Our regulatory environment influences our strategies, and adverse Failure to proactively address our legal and regulatory obligations, and
governmental or regulatory decisions could have negative financial, our involvement in various claims and legal proceedings, could have an
operational, reputational or competitive consequences for our business adverse effect on our business, financial performance and reputation
Although most of our retail services are not price-regulated, government Changes in laws or regulations, or in how they are interpreted, and
agencies and departments such as the CRTC, ISED, Canadian Heritage the adoption of new laws or regulations, as well as pending or future
and the Competition Bureau continue to play a significant role in litigation, could have an adverse effect on our business, financial
regulatory matters such as establishing and modifying regulations for performance and reputation. The increase in laws and regulations
mandatory access to networks, spectrum auctions, the imposition of around customer interactions and the technological evolution of
consumer-related codes of conduct, approval of acquisitions, broadcast our business further create an environment of complex compliance
and spectrum licensing, foreign ownership requirements, privacy and requirements that must be adequately managed. The failure to monitor
cybersecurity obligations, and control of copyright piracy. As with all and comply with legal or regulatory obligations applicable to us could
regulated organizations, strategies are contingent upon regulatory expose us to litigation, significant fines and penalties, and operational
decisions. Adverse decisions by governments or regulatory agencies, restrictions, as well as result in reputational harm. Heightened focus
increased regulation or lack of effective anti-piracy remedies could on consumer protection through provincial legislation and regulatory
have negative financial, operational, reputational or competitive consumer codes, as well as increased legal and regulatory pressure
consequences for our business. in the areas of privacy, accessibility, data governance and other ESG
topics, require that we build and operationalize enhanced compliance
For a discussion of our regulatory environment and the principal risks
frameworks and could further increase the company’s exposure to
related thereto, refer to section 8, Regulatory environment as well as the
investigations, litigation, sanctions, fines and reputational harm.
segment discussion under Principal business risks in section 5.1, Bell CTS.
We become involved in various claims and legal proceedings as part of
our business. For a description of important legal proceedings involving
us, please see the section entitled Legal proceedings contained in the
BCE 2023 AIF.
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Competitive environment
Our Our products Our financial
networks and services resources
Competitive activity in our industry is intense and competitive We expect these trends to continue in the future, and the increased
dynamics are evolving, contributing to disruptions in each of our competition we face as a result could negatively impact our business
business segments including, without limitation, in the following ways:
Our market landscape is being reshaped by changing macroeconomic • The acceleration of disruptions and disintermediation in each of our
and regulatory environments, increasing global and national competition, business segments could adversely affect our business and financial
and evolving customer preferences. As our business evolves and results
technological advances drive new services, delivery models and • Adverse economic conditions, such as economic downturns or
strategic partnerships, our competitive landscape continues to intensify recessions, high interest rates and elevated inflation, adverse conditions
and expand to include new and emerging competitors, certain of which in the financial markets or a declining level of retail and commercial
were historically our partners or suppliers, as well as global-scale activity, could have a negative impact on the demand for, and prices of,
competitors, including, in particular, cloud and OTT service providers, IoT our wireline, wireless and media products and services, and improve
hardware and software providers, VoIP providers and other web-based the competitive position of lower-cost providers
players that are penetrating the communications space with significant • Competitors’ aggressive market offers, combined with heightened
resources and a large customer base over which to amortize costs. customer sensitivity around pricing, could result in pricing pressures,
Certain of these competitors are changing the competitive landscape by lower margins and increased costs of customer acquisition and
establishing a material market presence, which has accelerated in recent retention, and our market share and sales volumes could decrease
years. Established competitors further seek to consolidate or expand if we do not match competitors’ pricing levels or increase customer
their product offerings through acquisitions in order to increase scale acquisition and retention spending
and market opportunities in light of these changes in market dynamics.
• Should our value proposition on pricing, network, speed, service
In particular, the combination of Rogers Communications Inc. (Rogers)
3
or features not be considered sufficient for customers in light of

with Shaw Communications Inc. (Shaw) in April 2023 created a Canadian available alternatives, or should our products and services not be
competitor with larger scale, and the acquisition of Freedom Mobile provided over customers’ preferred delivery channels, this could
by Vidéotron Ltd. (Vidéotron) also increases its scale with a change in lead to increased churn
competitive dynamics in several provinces, which could have adverse
implications in particular for our Bell CTS segment. Failure to effectively • The shift to online transactions could cause a reduction in in-store
traffic, which could adversely impact our ability to leverage our
respond to such evolving competitive dynamics could adversely affect
extensive retail network to increase the number of subscribers and
our business and financial results.
sell our products and services
Technology substitution, IP networks and recent regulatory decisions,
• Evolving customer behaviour could result in ongoing customer
in particular, continue to facilitate entry in our industry. In addition, suppression of mobile phone data and offloading onto Wi-Fi networks,
the effects of government policies that result in the acquisition of as well as influence customer adoption of new services including,
spectrum at favourable pricing by regional facilities-based wireless without limitation, 5G and IoT
service providers distort market dynamics. These factors have changed
industry economics and allowed competitors to launch new products • The convergence of wireline and wireless services is impacting
product purchase choice by customers and could increase product
and services and gain market share with far less investment in financial,
substitution in favour of lower-margin products as well as increase
marketing, human, technological and network resources than has
churn. These trends are expected to increase with the continued
historically been required. In particular, with regulatory decisions
adoption of 5G and 5G+.
mandating wholesale rates for wireline Internet and mobile virtual
network operator (MVNO) access, competitors can deliver their services • Increased embedded SIM (eSIM) adoption makes it easier for customers
over our networks, leveraging regulatory obligations applicable to us, to change service providers and has the potential to upend existing
therefore limiting their need to invest in building their own networks distribution models, including negatively impacting roaming revenue
and impacting the network-based differentiation of our services. Such • Regulatory decisions regarding wholesale access to our wireless and
lower required investment challenges the monetization of our networks fibre networks could facilitate entry of new competitors, including OTT
and our operating model. Moreover, foreign OTT players are currently players, or strengthen the market position of current competitors, or
not subject to the same Canadian content investment obligations as encourage existing competitors to expand beyond their traditional
those imposed on Canadian domestic digital suppliers, which provides footprint, which may negatively impact our retail subscriber base
them with a competitive advantage over us. in favour of lower-margin wholesale subscribers and thus could
negatively impact our capacity to optimize scale and invest in our
New technologies create a potential for diversifying our product
networks
and service offerings and create growth opportunities. However, if
we are unable to develop and deploy new solutions in advance of • The extent and timely rollout of fibre networks and 5G and 5G+ mobile
or concurrently with our competitors, if the market does not adopt services may be adversely impacted by government and regulatory
these new technologies in pace with our deployment of new solutions, decisions, constraints on access to and price of network equipment,
or if we fail to adequately assess and manage the risks associated labour shortages and potential operational challenges in delivering
with these new solutions, our business and financial results could be new technology
adversely affected.

• Cloud-based and OTT-based substitution and the market expansion increases in content acquisition and development costs as well as
of lower-cost VoIP, collaboration and software-defined networking in reduced access to key content as some competitors withhold content
a wide area network (SD WAN) solutions offered by local and global to enhance their OTT service offering
competitors, such as traditional software players, are changing our • The proliferation of content piracy could negatively impact our ability
approach to service offerings and pricing and could have an adverse to monetize products and services beyond our current expectations,

effect on our business while creating bandwidth pressure without corresponding revenue
• Increased insolvency, spending rationalization and consolidation by growth in the context of regulated wholesale high-speed Internet
business customers could lead to further disruptions in our Bell CTS access rates
segment, driven by technology substitution, economic factors and • Our ability to grow digital and other alternative advertising revenue,
customers’ operational efficiencies in the context of a changing and fragmented advertising market, is
• The pressure from simpler, lower-cost, agile service models is driving being challenged by global-scale players
in-sourcing trends, which could have an adverse impact on our • Traditional radio faces accelerated substitution from new music
managed services business players and alternative streaming services such as those offered by
• Greater customer adoption of services like 5G, as well as IoT services global audio streaming players and those made available by new
and applications in the areas of retail (e.g., home automation), business technologies, including smart car services
(e.g., remote monitoring), transportation (e.g., connected car and asset • The launch by Canadian and international competitors of low earth
tracking) and urban city optimization (smart cities), combined with the orbit (LEO) satellites to provide connectivity, primarily in rural areas
increased use of AI, is expected to accelerate competition in these areas and the North, intensifies competition, which could adversely affect
• Subscriber and viewer growth is challenged by changing viewer our network deployment strategy in such areas and negatively
habits, the expansion and continued market penetration of global impact demand for our connectivity services. The ability of our
scale low-cost OTT content providers, OTT aggregators and other subsidiary Northwestel, operating in Canada’s North, to respond to
alternative service providers, some of which may offer content and the competitive threat from these providers is further hampered by
platforms as loss leaders to support their core business, as well as CRTC retail Internet regulations.
3
account stacking, CRTC arbitration and a fragmentation of audiences For a further discussion of our competitive environment and related risks,
due to an abundance of choices as well as a list of our main competitors, on a segmented basis, refer
• Competition, with both global competitors and traditional Canadian to Competitive landscape and industry trends and Principal business
TV competitors, for programming content could drive significant risks in section 5, Business segment analysis.
Technology/infrastructure transformation
Our Our customers Our products Our financial
networks and relationships and services resources
The evolution and transformation of our networks, systems and or to invest and evolve in the appropriate direction in an environment
operations using next-generation technologies, while lowering our of changing business models, could limit our ability to deliver value to
cost structure, are essential to effective competition and customer our customers through easy and simple buy and support interactions
experience and through enabling them to get what they want much faster through
any channel, as well as limit our customers’ ability to receive products,
Globalization, increased competition and ongoing technological advances
services and content to any device or location regardless of network
are driving customer expectations for faster market responses, improved
access type. As a result, this could have an adverse impact on our
customer service, enhanced user experiences and cost-effective
delivery. Meeting these expectations requires the deployment of new business and financial results.
service and product technologies along with customer service tools Our network and IT evolution activities seek to use new as well as evolving
that are network-neutral and based on a more collaborative and and developing technologies, including network functions virtualization,
integrated development environment. The availability of improved software-defined networks, cloud technologies, MEC, open source
networks and software technologies further provides the foundation software, AI and machine learning. They further seek to transform
for better and faster connections, which have in turn led to a significant our networks and systems through consolidation, virtualization and
growth in IoT applications. Change can be difficult and may present automation to achieve our objectives of becoming more agile in our
unforeseen obstacles that might impact successful execution, and this service delivery and operations, as well as providing omni-channel
transition is made more challenging by the complexity of our multi- capabilities for our customers and driving lower costs. Our evolution
product environment, combined with the complexity of our network activities also focus on building next-generation converged wireline
and IT infrastructure. and wireless networks leveraging smart-core technologies, to enable
competitive quality and customer experience at a competitive cost
We are pursuing a transformation from a telco to a techco, which
structure amid rapidly growing capacity requirements. Alignment
entails fundamentally improving the experience and value we deliver
across technology platforms, product and service development and
to customers enabled by modernized infrastructure, simplified business
operations is increasingly critical to ensure appropriate trade-offs
processes, and a right sized cost model. Failure to successfully pursue this
and optimization of capital allocation. Failure to adopt best-in-class
transformation and accurately assess the potential of new technologies,
103
technology practices in transforming our operations in order to enable • Suboptimal capital deployment in network build, infrastructure and
a truly customer-centric service experience may hinder our ability to process upgrades, and customer service improvements, could hinder
build customers’ trust in our innovation and technological capabilities our ability to compete effectively
and our ability to compete on footprint, service experience and cost • Execution risk and lower or slower than expected savings achieved
structure. Any one or more of the above could have an adverse impact through targeted savings initiatives (e.g., vendor management,
on our business, financial results and reputation. real estate optimization) could impact our ability to invest in the
Customer retention and new customer acquisitions may be hindered transformation
during our transformation activities if such transformation causes poor • We, and other telecommunications carriers upon which we rely to
service performance, which in turn may adversely affect our ability to provide services, must be able to purchase high-quality, reputable
achieve operational and financial objectives. Failure to quickly maximize network equipment and services from third-party suppliers on a
adaptable infrastructures, processes and technologies to efficiently timely basis and at a reasonable cost
respond to evolving customer patterns and behaviours and to leverage IP • Network construction and deployment on municipal or private property
and automation across many facets of our network, product and service requires the issuance of municipal or property owner consents,
portfolio could inhibit a fully customer-centric approach. This could respectively, for the installation of network equipment, which could
reduce our ability to provide comprehensive self-serve convenience, increase the cost of, and cause delays in, fibre and wireless rollouts
real-time provisioning, cost savings and flexibility in delivery and
• The successful deployment of 5G mobile services could be impacted
consumption, leading to negative business and financial outcomes. by various factors affecting coverage and costs
We further seek to expand our network footprint to enhance our value • Higher demand for faster Internet speed and capacity, coupled with
proposition and meet customer needs while deploying technologies governmental policies and initiatives, creates tensions around FTTP
to support growth. However, adverse government, regulatory or deployment in terms of geographic preference and pace of rollout
court decisions may impact the specific nature, magnitude, location
• The increasing dependence on applications for content delivery, sales,
and timing of investment decisions. In particular, the requirement to customer engagement and service experience drives the need for
provide aggregated access to our FTTP facilities on a wholesale basis, new and scarce capabilities (sourced internally or externally), that
3
lowering of rates by the CRTC of mandated wholesale services over FTTP may not be available, as well as the need for associated operating
and/or FTTN, the imposition of unfavourable terms or the adoption of processes integrated into ongoing operations
unfavourable rates in arbitration processes associated with the facilities-
based MVNO access service the CRTC has implemented, the potential • New products, services or applications could reduce demand for our
existing, more profitable service offerings or cause prices for those
for additional mandated access to our networks, or the imposition of
services to decline, and could result in a shorter life cycle for existing
broader wholesale obligations on wireless networks would undermine
or developing technologies, which could increase depreciation and
the incentives for facilities-based digital infrastructure providers to invest
amortization expense
in next-generation wireline and wireless networks. Failure to continue
investment in next-generation capabilities in a disciplined, timely and • The decommissioning of legacy equipment could be challenged by
strategic manner could limit our ability to compete effectively and to customer requirements to continue using older technologies as well
achieve desired business and financial results. as inherent risks involved with transitioning to new systems
Other examples of risks that could affect the achievement of our desired • As content providers’ business models change, content consumption
habits evolve and viewing options increase, our ability to aggregate
technology/infrastructure transformation include the following:
and distribute relevant content and our ability to develop alternative
• The current global economic environment as well as geopolitical events delivery vehicles to compete in new markets and increase customer
may bring about further incremental costs, delays or unavailability engagement and revenue streams may be hindered by the significant
of equipment, materials and resources, which may impact our ability software development and network investment required
to continue building next-generation converged networks and drive
other transformation initiatives
• Successfully managing the development and deployment of relevant
product solutions on a timely basis to match the speed of adoption of
• Challenges in hiring, retaining, insourcing, and developing technical IoT in the areas of retail, business and government could be challenging
and skilled resources could adversely impact transformation activities.
Potential deterioration in employee morale and de-prioritization of • Customers continue to expect improvements in customer service, new
functions and features, and reductions in the price charged to provide
transformation initiatives due to staff reductions, cost reductions
those services. Our ability to provide such improvements increasingly
or reorganizations could adversely affect our transformation and
relies upon using a number of rapidly evolving technologies, including AI,
financial results.
machine learning and “big data”. However, the use of such technologies
is being increasingly scrutinized by legislators and regulators. If we
cannot build market-leading competencies in the use of these emerging
technologies in a way that respects societal values, we may not be
able to continue to meet changing customer expectations and to
continue to grow our business.

4 Consolidated financial analysis
Our financial
resources
This section provides detailed information and analysis about BCE’s performance in 2023 compared with 2022. It focuses on BCE’s
consolidated operating results and provides financial information for our Bell CTS and Bell Media business segments. For further discussion
and analysis of our business segments, refer to section 5, Business segment analysis.
4.1 Introduction
MD&A Consolidated financial analysis

BCE consolidated income statements
2023 2022 $ change % change
Operating revenues
Service 21,154 20,956 198 0.9%
Product 3,519 3,218 301 9.4%
Total operating revenues 24,673 24,174 499 2.1%

Operating costs (14,256) (13,975) (281) (2.0%)
Adjusted EBITDA 10,417 10,199 218 2.1%

Adjusted EBITDA margin 42.2% 42.2% –
Severance, acquisition and other costs (200) (94) (106) n.m.
4
Depreciation (3,745) (3,660) (85) (2.3%)
Amortization (1,173) (1,063) (110) (10.3%)
Finance costs
Interest expense (1,475) (1,146) (329) (28.7%)
Net return on post-employment benefit plans 108 51 57 n.m.
Impairment of assets (143) (279) 136 48.7%
Other expense (466) (115) (351) n.m.
Income taxes (996) (967) (29) (3.0%)
Net earnings 2,327 2,926 (599) (20.5%)
Net earnings attributable to:

Common shareholders 2,076 2,716 (640) (23.6%)
Preferred shareholders 187 152 35 23.0%
Non-controlling interest 64 58 6 10.3%
Net earnings 2,327 2,926 (599) (20.5%)
Adjusted net earnings 2,926 3,057 (131) (4.3%)
Net earnings per common share (EPS) 2.28 2.98 (0.70) (23.5%)
Adjusted EPS 3.21 3.35 (0.14) (4.2%)
n.m.: not meaningful
105
BCE statements of cash flows – selected information
Cash flows from operating activities 7,946 8,365 (419) (5.0%)

Capital expenditures (4,581) (5,133) 552 10.8%
Free cash flow 3,144 3,067 77 2.5%
BCE operating revenues grew by 2.1% in 2023, compared to last year, BCE’s adjusted EBITDA grew by 2.1% in 2023, compared to last year, driven
attributable to higher product revenues of 9.4%, primarily due to greater by growth from our Bell CTS segment, partly offset by a decline in our
wireless device sales, coupled with higher wireline equipment sales Bell Media segment. The year-over-year increase in adjusted EBITDA
to large enterprise customers due to the alleviating year-over-year reflected higher operating revenues, partly offset by increased operating
impact from global supply chain disruptions experienced in 2022. expenses, primarily attributable to greater cost of revenue, associated
Service revenues also contributed to the growth in BCE operating with the revenue growth, moderated by various cost reduction initiatives
revenues, increasing by 0.9% year over year, mainly from higher and operating efficiencies. This drove a corresponding adjusted EBITDA
wireless and Internet revenues combined with the contribution from margin of 42.2% in 2023, which remained unchanged from last year.
various acquisitions made during the year. This was moderated by In 2023, BCE’s cash flows from operating activities decreased by
continued erosion in legacy voice, data and satellite TV revenues, as $419 million, compared to 2022, mainly due to lower cash from working
well as lower media advertising revenues, primarily driven by ongoing capital, in part from timing of supplier payments, and higher interest
unfavourable economic conditions. paid, partly offset by higher adjusted EBITDA and lower contributions
In 2023, net earnings decreased by 20.5%, compared to 2022, due to to post-employment benefit plans.
higher other expense mainly due to losses on our equity investments Free cash flow increased by $77 million in 2023, compared to 2022,
in associates and joint ventures which included a loss on BCE’s share mainly due to lower capital expenditures, partly offset by lower cash
of an obligation to repurchase at fair value the minority interest in one flows from operating activities, excluding cash from acquisition and
of BCE’s joint ventures, higher interest expense, higher depreciation other costs paid.
and amortization and higher severance, acquisition and other costs,
partly offset by higher adjusted EBITDA and lower impairment of assets.
4
4.2 Customer connections

Our customers
and relationships
BCE net activations (losses)

2023 2022 % change
Mobile phone net subscriber activations (losses) 411,189 489,901 (16.1%)

Postpaid 426,172 439,842 (3.1%)
Prepaid (14,983) 50,059 n.m.
Mobile connected device net subscriber activations 293,307 202,024 45.2%
Retail high-speed Internet net subscriber activations 187,126 201,762 (7.3%)
Retail TV net subscriber (losses) activations (26,449) 5,148 n.m.
IPTV 81,918 94,400 (13.2%)
Satellite (108,367) (89,252) (21.4%)
Retail residential NAS lines net losses (176,612) (175,788) (0.5%)
Total services net activations 688,561 723,047 (4.8%)

Total BCE customer connections
2023 2022 % change
Mobile phone subscribers (2) 10,287,046 9,949,086 3.4%

Postpaid (2) 9,422,830 9,069,887 3.9%
Prepaid 864,216 879,199 (1.7%)
Mobile connected devices subscribers (2) 2,732,548 2,451,818 11.4%
Retail high-speed Internet subscribers (1) (3) (4) 4,473,429 4,258,570 5.0%
Retail TV subscribers (1) (4) 2,725,292 2,751,498 (1.0%)
IPTV (1) (4) 2,070,342 1,988,181 4.1%
Satellite 654,950 763,317 (14.2%)
Retail residential NAS lines (1) (4) 2,021,617 2,190,771 (7.7%)
Total services subscribers 22,239,932 21,601,743 3.0%

(1) In Q2 2023, our retail high-speed Internet, retail IPTV and retail residential NAS lines subscriber bases increased by 35,080, 243 and 7,458 subscribers, respectively, as a result of small
acquisitions.
(2) In Q1 2023, we adjusted our mobile phone postpaid and mobile connected device subscriber bases to remove older non-revenue generating business subscribers of 73,229 and 12,577,
respectively.
(4) In Q4 2022, as a result of the acquisition of Distributel, our retail high-speed Internet, retail IPTV and retail residential NAS lines subscriber bases increased by 128,065, 2,315 and
64,498 subscribers, respectively.
BCE added 688,561 net retail subscriber activations in 2023, down 4.8% At December 31, 2023, BCE’s retail subscriber connections totaled
compared to last year. The net retail subscriber activations in 2023 22,239,932, up 3.0% year over year, and consisted of:
consisted of: • 10,287,046 mobile phone subscribers, up 3.4% year over year, and
• 411,189
mobile phone net subscriber activations, along with 2,732,548 mobile connected device subscribers, up 11.4% year over year
293,307 mobile connected device net subscriber activations • 4,473,429 retail high-speed Internet subscribers, 5.0% higher year
• 187,126 retail high-speed Internet net subscriber activations over year
4
• 26,449 retail TV net subscriber losses comprised of 108,367 retail • 2,725,292 total retail TV subscribers, comprised of 2,070,342 retail
satellite TV net subscriber losses, partly offset by 81,918 retail IPTV IPTV subscribers, up 4.1% year over year, and 654,950 retail satellite
net subscriber activations TV subscribers, down 14.2% year over year
• 176,612 retail residential NAS lines net losses • 2,021,617 retail residential NAS lines, down 7.7% year over year
4.3 Operating revenues

BCE
Revenues
(in $ millions)
$24,174 $24,673
Bell CTS 21,926 21,301 625 2.9%

Bell Media 3,117 3,254 (137) (4.2%)
+2.1%
Inter-segment eliminations (370) (381) 11 2.9%
Total BCE operating revenues 24,673 24,174 499 2.1%
22 23
BCE
BCE operating revenues increased by 2.1% in 2023, compared to last and service revenues of 9.4% and 1.8%, respectively. The higher service
year, driven by 9.4% higher product revenues of $3,519 million and 0.9% revenues were driven by ongoing growth in wireless and wireline data
higher service revenues of $21,154 million. The year-over-year growth revenues, moderated by continued erosion in wireline voice revenues.
in operating revenues reflected higher revenues from our Bell CTS Bell Media operating revenues declined by 4.2% in 2023, compared
segment, partly offset by a decline in our Bell Media segment. Bell CTS to last year, from lower advertising revenues, partly offset by higher
operating revenues grew by 2.9%, year over year, due to higher product subscriber revenues.
107
4.4 Operating costs
BCE BCE
Operating costs Operating cost profile
(in $ millions) Cost of revenues (1) Labour (2) Other (3)
13% 13%
$13,975 $14,256 32% 55% 31% 56%

2022 2023 2022 2023
Bell CTS (12,206) (11,847) (359) (3.0%)

Bell Media (2,420) (2,509) 89 3.5%
Inter-segment eliminations 370 381 (11) (2.9%)
Total BCE operating costs (14,256) (13,975) (281) (2.0%)
(1) Cost of revenues includes costs of wireless devices and other equipment sold, network and content costs, and payments to other carriers.
(2) Labour costs (net of capitalized costs) include wages, salaries and related taxes and benefits, post-employment benefit plans service cost, and other labour costs, including contractor
and outsourcing costs.
4
(3) Other operating costs include marketing, advertising and sales commission costs, bad debt expense, taxes other than income taxes, IT costs, professional service fees and rent.
BCE
BCE operating costs increased by 2.0% in 2023, compared to last year, due to higher expenses at Bell CTS of 3.0%, primarily reflecting increased
cost of revenues associated with the revenue growth, partly offset by lower expenses at Bell Media of 3.5%, due to lower programming and
content costs.
4.5 Net earnings

BCE In 2023, net earnings decreased by 20.5%, compared to 2022, due to higher other expense
Net earnings mainly due to losses on our equity investments in associates and joint ventures which included
(in $ millions) a loss on BCE’s share of an obligation to repurchase at fair value the minority interest in one of
BCE’s joint ventures, higher interest expense, higher depreciation and amortization and higher
$2,926
severance, acquisition and other costs, partly offset by higher adjusted EBITDA and lower
$2,327 impairment of assets.
(20.5%)
22 23

4.6 Adjusted EBITDA
BCE BCE
Adjusted EBITDA Adjusted EBITDA
(in $ millions) (in $ millions)
(% adjusted EBITDA margin)
$10,199 $10,417
$9,454 $9,720 $10,199 $10,417

42.2% 42.2%

+2.1%
Bell CTS
Bell Media
$745 $697
22 23 2022 2023
Bell CTS 9,720 9,454 266 2.8%

Adjusted EBITDA margin 44.3% 44.4% (0.1) pts
Bell Media 697 745 (48) (6.4%)
Total BCE adjusted EBITDA 10,417 10,199 218 2.1%
4
Adjusted EBITDA margin 42.2% 42.2% –
BCE
BCE’s adjusted EBITDA grew by 2.1% in 2023, compared to last year, driven by a higher year-over-year contribution from Bell CTS of 2.8%,
moderated by a decline in Bell Media of 6.4%. The increase in adjusted EBITDA was driven by higher operating revenues, partly offset by increased
operating expenses. Adjusted EBITDA margin of 42.2% in 2023 remained unchanged from 2022.
4.7 Severance, acquisition and other costs

This category includes various income and expenses that are not related directly to the operating revenues generated during the year. This
includes severance costs consisting of charges related to involuntary and voluntary employee terminations, as well as transaction costs, such
as legal and financial advisory fees, related to completed or potential acquisitions, employee severance costs related to the purchase of a
business, the costs to integrate acquired companies into our operations, costs relating to litigation and regulatory decisions, when they are
significant, and other costs.
BCE 2023
Severance, acquisition Severance, acquisition and other costs included:
and other costs
(in $ millions) • Severance costs of $134 million related to involuntary and voluntary
employee terminations
• Acquisition and other costs of $66 million
2022
Severance, acquisition and other costs included:
$200
• Severance costs of $83 million related to involuntary and voluntary
$94 employee terminations
• Acquisition and other costs of $11 million
2022 2023
109
4.8 Depreciation and amortization
The amount of our depreciation and BCE BCE
amortization in any year is affected by: Depreciation Amortization
• How much we invested in new property, (in $ millions) (in $ millions)
plant and equipment and intangible $3,745 $1,173
$3,660
assets in previous years $1,063
• How many assets we retired during
the year
• Estimates of the useful lives of assets
22 23 22 23
Depreciation Amortization
Depreciation in 2023 increased by $85 million, compared to 2022, mainly Amortization in 2023 increased by $110 million, compared to 2022,
due to a higher asset base as we continued to invest in our broadband mainly due to a higher asset base.
and wireless networks.
4.9 Finance costs

4
BCE BCE Interest expense

Interest expense Net return on Interest expense in 2023 increased by $329 million, compared to 2022,
(in $ millions) post-employment
mainly due to higher average debt balances and higher interest rates.
benefit plans
$1,475 (in $ millions)
Net return on post-employment benefit plans
$1,146 Net return on our post-employment benefit plans is based on market
conditions that existed at the beginning of the year as well as the net
$108 post-employment benefit plan asset (liability). On January 1, 2023, the
discount rate was 5.3% compared to 3.2% on January 1, 2022.
$51 In 2023, net return on post-employment benefit plans increased by
$57 million, compared to last year, as a result of a higher discount rate
in 2023 and a higher net asset position.
22 23 22 23
The impacts of changes in market conditions during the year are
recognized in Other comprehensive (loss) income (OCI).

4.10 Impairment of assets
2023 BCE
During the fourth quarter of 2023, we recognized $86 million of impairment charges for French TV channels Impairment of assets
(in $ millions)
within our Bell Media segment. The impairment charges were the result of a reduction in advertising demand
in the industry resulting from economic uncertainties and unfavourable impacts to market-based valuation $279
assumptions. These charges included $41 million allocated to indefinite-life intangible assets for broadcast
licences and brands, and $45 million to finite-life intangible assets for program and feature film rights.
There was no impairment of Bell Media goodwill.
$143
Additionally in 2023, we recorded impairment charges of $57 million related mainly to right-of-use assets
for certain office spaces we ceased using as part of our real estate optimization strategy as a result of
our hybrid work policy.

2022
22 23
During the fourth quarter of 2022, we recognized $147 million of impairment charges for French TV channels
within our Bell Media segment. The impairment charges were the result of a reduction in advertising
demand in the industry resulting from economic uncertainties and unfavourable impacts to assumptions
for discount rates. These charges included $94 million allocated to indefinite-life intangible assets for
broadcast licences, and $53 million to finite-life intangible assets for program and feature film rights.
There was no impairment of Bell Media goodwill.
Additionally in 2022, we recorded impairment charges of $132 million related mainly to right-of-use assets
for certain office spaces we ceased using as part of our real estate optimization strategy as a result of
our hybrid work policy.
4
4.11 Other expense
Other (expense) income includes income and expense items, such as: BCE
• Net mark-to-market gains or losses on derivatives used to economically hedge equity settled share- Other expense
based compensation plans (in $ millions)
• Equity income or losses from investments in associates and joint ventures $466
• Gains or losses on retirements and disposals of property, plant and equipment and intangible assets
• Gains or losses on investments, including gains or losses when we dispose of, write down or reduce
our ownership in investments $115
• Early debt redemption costs
22 23
• Interest income
For the year ended December 31 2023 2022
Equity (losses) income from investments in associates and joint ventures

Loss on investment (581) (42)
Operations 28 (19)
Net mark-to-market losses on derivatives used to economically hedge equity settled share-based compensation plans (103) (53)
Early debt redemption costs (1) (18)
Gains on investments 80 24
Interest income 67 22
Gains (losses) on retirements and disposals of property, plant and equipment and intangible assets 11 (27)
Other 33 (2)
Total other expense (466) (115)
111
2023 2022
Other expense of $466 million included losses on our equity investments Other expense of $115 million included net mark-to-market losses on
in associates and joint ventures which included a loss on BCE’s share of derivatives used to economically hedge equity settled share-based
an obligation to repurchase at fair value the minority interest in one of compensation plans, losses on our equity investments which included
BCE’s joint ventures and net mark-to-market losses on derivatives used a loss on BCE’s share of an obligation to repurchase at fair value the
to economically hedge equity settled share-based compensation plans, minority interest in one of BCE’s joint ventures and losses on operations
partly offset by gains on our investments as a result of the sale of our from our equity investments, losses on retirements and disposals
63% ownership in certain production studios and higher interest income. of property, plant and equipment and intangible assets and early
debt redemption costs, partly offset by gains on investments which
included a gain related to the sale of our wholly-owned subsidiary,
6362222 Canada Inc. (Createch).
4.12 Income taxes

BCE The following table reconciles the amount of reported income taxes in the income
Income taxes statements with income taxes calculated at a statutory income tax rate of 26.8%
(in $ millions) for both 2023 and 2022.
Net earnings 2,327 2,926

Add back income taxes 996 967
$967 $996 Earnings before income taxes

Applicable statutory tax rate
3,323
26.8%
3,893
26.8%
Income taxes computed at applicable

4
statutory rates (891) (1,043)

Non-taxable portion of gains on investments 5 4
2022 2023
Uncertain tax positions 16 91
Change in estimate relating to prior periods 10 –
Non-taxable portion of equity losses (149) (18)
Other 13 (1)
Total income taxes (996) (967)
Average effective tax rate 30.0% 24.8%
Income taxes in 2023 increased by $29 million, compared to 2022, mainly due to
a lower value of uncertain tax positions favourably resolved in 2023 compared
to 2022, partly offset by lower taxable income.
4.13 Net earnings attributable to common shareholders and EPS

BCE BCE BCE BCE
Net earnings attributable EPS Adjusted net earnings Adjusted EPS
to common shareholders (in $) (in $ millions) (in $)
(in $ millions)
$3,057 $3.35
$2,926 $3.21
$2,716
$2.98
$2,076
$2.28
22 23 22 23 22 23 22 23

Net earnings attributable to common shareholders in 2023 decreased Excluding the impact of severance, acquisition and other costs, net
by $640 million, or $0.70 per common share, compared to 2022, due to mark-to-market gains (losses) on derivatives used to economically
higher other expense mainly due to losses on our equity investments in hedge equity settled share-based compensation plans, net equity gains
associates and joint ventures which included a loss on BCE’s share of (losses) on investments in associates and joint ventures, net gains (losses)
an obligation to repurchase at fair value the minority interest in one on investments, early debt redemption costs and impairment of assets,
of BCE’s joint ventures, higher interest expense, higher depreciation net of tax and NCI, adjusted net earnings in 2023 was $2,926 million,
and amortization and higher severance, acquisition and other costs, or $3.21 per common share, compared to $3,057 million, or $3.35 per
partly offset by higher adjusted EBITDA and lower impairment of assets. common share, in 2022.
4.14 Capital expenditures

Our
networks

BCE BCE capital expenditures of $4,581 million in 2023, declined by 10.8% year over year, which
Capital expenditures corresponded to a capital intensity ratio of 18.6%, down 2.6 pts over last year. The decline
(in $ millions) was driven by lower planned capital spending in 2023 subsequent to accelerated network
Capital intensity investments in 2022, as well as an unplanned additional $105 million decrease in Q4 2023 as
(%) a result of the CRTC’s decision in November 2023 to mandate wholesale access to Bell’s FTTP
network. We continued to focus our investments in 2023 on the further expansion of our
$5,133
21.2% FTTP and mobile 5G networks.
$4,581
18.6%
4
$4,971
23.3% $4,421
20.2%
Bell CTS
$162 $160 Bell Media
5.0% 5.1%
22 23
4.15 Cash flows

In 2023, BCE’s cash flows from operating BCE BCE
activities decreased by $419 million, Cash flows from operating activities Free cash flow
compared to 2022, mainly due to lower cash (in $ millions) (in $ millions)
from working capital, in part from timing of
$8,365
supplier payments, and higher interest paid, $7,946
partly offset by higher adjusted EBITDA and
lower contributions to post-employment $3,067 $3,144
benefit plans.
Free cash flow increased by $77 million
in 2023, compared to 2022, mainly due to
lower capital expenditures, partly offset by
lower cash flows from operating activities,
excluding cash from acquisition and other
(5.0%) +2.5%
22 23 22 23
costs paid.
113
5 Business segment analysis
Our Our customers Our products Our financial
networks and relationships and services resources
5.1 Bell CTS

Financial performance analysis
2023 performance highlights
Bell CTS Bell CTS
MD&A Business segment analysis Bell CTS
Revenues Adjusted EBITDA

(% adjusted EBITDA margin)
$21,301 $21,926
85% 84%
Service
Product
$9,454 $9,720
44.4% 44.3%
15% 16% +2.9% +2.8%

22 23 2022 2023
5
Total mobile Mobile phone Mobile phone Mobile phone Mobile phone
phone postpaid net prepaid net postpaid blended average
subscriber subscriber subscriber churn in 2023 revenue per
growth (1) activations losses in 2023 user (ARPU) (2)
in 2023 per month
+3.4% 426,172 (14,983) 1.15% +0.3%

in 2023 Decreased 3.1% vs. net activations Increased 0.23 pts 2023: $59.08
vs. 2022 of 50,059 in 2022 vs. 2022 2022: $58.92
Retail high-speed Internet Retail high-speed Internet net Retail TV subscriber

subscriber growth (3) (4) (5) subscriber activations in 2023 decline (3) (5)
+5.0% 187,126 (1.0%)

in 2023 Decreased 7.3% vs. 2022 in 2023
Retail IPTV net subscriber Retail residential NAS lines

activations in 2023 subscriber decline (3) (5)
81,918 (7.7%)
Decreased 13.2% vs. 2022 in 2023
(1) In Q1 2023, we adjusted our mobile phone postpaid subscriber base to remove older non-revenue generating business subscribers of 73,229.
(2) Effective Q1 2023, as a result of the segment reporting changes impacting intersegment eliminations, ARPU has been updated and is defined as Bell CTS wireless external services revenues
(previously wireless operating service revenues) divided by the average mobile phone subscriber base for the specified period, expressed as a dollar unit per month.
(3) In Q2 2023, our retail high-speed Internet, retail IPTV and retail residential NAS lines subscriber bases increased by 35,080, 243 and 7,458 subscribers, respectively, as a result of small acquisitions.
(5) In Q4 2022, as a result of the acquisition of Distributel, our retail high-speed Internet, retail IPTV and retail residential NAS lines subscriber bases increased by 128,065, 2,315 and
64,498 subscribers, respectively.

Bell CTS results
Revenues
Wireless 7,120 6,821 299 4.4%

Wireline data 8,084 7,920 164 2.1%
Wireline voice 2,862 3,002 (140) (4.7%)
Other wireline services 312 309 3 1.0%
External service revenues 18,378 18,052 326 1.8%
Inter-segment service revenues 29 31 (2) (6.5%)
Operating service revenues 18,407 18,083 324 1.8%
Wireless 2,885 2,714 171 6.3%

Wireline 634 504 130 25.8%

External/Operating product revenues 3,519 3,218 301 9.4%
Total external revenues 21,897 21,270 627 2.9%
Total operating revenues 21,926 21,301 625 2.9%
Bell CTS operating revenues grew by 2.9% in 2023, compared to last These factors were partly offset by:
year, driven by both higher service and product revenues. The year- • Greater acquisition, retention and bundle discounts on residential
over-year increase in service revenues reflected higher wireless and services
wireline data revenues, partly offset by continued erosion in wireline • Ongoing erosion in our satellite TV subscriber base, along with IP
voice revenues. connectivity and legacy data declines
Bell CTS operating service revenues increased by 1.8% in 2023,
• Wireline voice revenues decreased by 4.7% in 2023, compared to
compared to 2022. last year, driven by:
• Wireless revenues increased by 4.4% in 2023, compared to last year, • Ongoing retail residential NAS lines erosion, combined with business
5
driven by: voice declines, driven by technological substitution to wireless and
• Continued growth in our mobile phone and connected device Internet-based services
subscriber bases coupled with the flow-through of rate increases • Reduced sales of international wholesale long distance minutes
• Higher roaming revenues due to increased international travel These factors were partly offset by:
These factors were partly offset by: • Flow-through of residential rate increases
• Unfavourable impact of competitive pricing pressures • The acquisition of Distributel in December 2022 and other small
• Lower data overages driven by greater customer adoption of acquisitions made during the year
monthly plans with higher data thresholds, including unlimited plans Bell CTS operating product revenues increased by 9.4% in 2023, over
• Wireline data revenues increased by 2.1% in 2023, compared to last last year.
year, driven by: • Wireless operating product revenues increased by 6.3% in 2023,
• Greater retail Internet and IPTV subscriber bases, coupled with the compared to last year, due to greater sales mix of premium mobile
flow-through of residential rate increases phones and disciplined handset pricing, partly offset by lower
• The acquisitions of Distributel in December 2022, FX Innovation in contracted sales volumes and reduced consumer electronic sales
June 2023, and other small acquisitions made during the year at The Source
• Increased sales of maintenance contracts and software subscriptions • Wireline operating product revenues grew by 25.8% year over year,
to business customers from strong sales to large business customers mainly due to the
alleviating year-over-year impact from global supply chain challenges
experienced in 2022
Operating costs and adjusted EBITDA

Operating costs (12,206) (11,847) (359) (3.0%)

Adjusted EBITDA 9,720 9,454 266 2.8%
Bell CTS operating costs increased by 3.0% in 2023, compared to • Higher cost of goods sold corresponding to higher product revenues
2022, due to: • Increased costs related to the revenue growth from maintenance
• Greater costs from the acquisitions of Distributel in December 2022, and software subscriptions
FX Innovation in June 2023, and other small acquisitions made during
the year
115
These factors were partly offset by: Bell CTS adjusted EBITDA increased by 2.8% in 2023, compared to last
• Lower labour costs reflecting workforce reductions, along with various year, due to higher operating revenues, partly offset by greater operating
other cost reduction initiatives and operating efficiencies costs. Adjusted EBITDA margin of 44.3% in 2023, was essentially stable
year over year, decreasing by only 0.1 pts over last year, reflecting an
• Pension savings, driven by lower DB expense due to a higher year-
increased proportion of low-margin product sales in our total revenue
over-year discount rate
base, partly offset by service revenue flow-through.
• Lower year-over-year storm-related repairs expense
Bell CTS operating metrics
Wireless
2023 2022 Change % change
Mobile phones
Blended ARPU ($/month) 59.08 58.92 0.16 0.3%
Gross subscriber activations 2,224,555 1,953,912 270,643 13.9%
Postpaid 1,608,503 1,355,772 252,731 18.6%
Prepaid 616,052 598,140 17,912 3.0%

Net subscriber activations (losses) 411,189 489,901 (78,712) (16.1%)
Postpaid 426,172 439,842 (13,670) (3.1%)
Prepaid (14,983) 50,059 (65,042) n.m.
Blended churn % (average per month) 1.51% 1.27% (0.24) pts
Postpaid 1.15% 0.92% (0.23) pts
Prepaid 5.31% 4.85% (0.46) pts
Subscribers (1) 10,287,046 9,949,086 337,960 3.4%
Postpaid (1) 9,422,830 9,069,887 352,943 3.9%
Prepaid 864,216 879,199 (14,983) (1.7%)
Mobile connected devices
Net subscriber activations 293,307 202,024 91,283 45.2%
Subscribers (1) 2,732,548 2,451,818 280,730 11.4%
5

(1) In Q1 2023, we adjusted our mobile phone postpaid and mobile connected device subscriber bases to remove older non-revenue generating business subscribers of 73,229 and 12,577,
respectively.
Mobile phone blended ARPU of $59.08 increased by 0.3% in 2023, • Mobile phone prepaid net subscriber losses were 65,042 unfavourable
compared to last year, driven by: in 2023, compared to last year, due to higher subscriber deactivations
• Higher roaming revenues due to increased international travel and greater migrations to postpaid, partly offset by higher gross
activations
• Flow-through of rate increases
Mobile phone blended churn of 1.51% increased by 0.24 pts in 2023,
These factors were partly offset by:
compared to 2022.
• Unfavourable impact of competitive pricing pressures
• Mobile phone postpaid churn of 1.15% increased by 0.23 pts in 2023,
• Lower data overages due to greater customer adoption of monthly compared to last year, due to higher subscriber deactivations driven
plans with higher data thresholds, including unlimited plans
by greater overall competitive market activity and promotional offer
Mobile phone gross subscriber activations grew by 13.9% in 2023, intensity compared to last year
compared to 2022, due to both higher postpaid and prepaid gross • Mobile phone prepaid churn of 5.31% increased by 0.46 pts in 2023,
subscriber activations. compared to last year, due to higher subscriber deactivations driven
• Mobile phone postpaid gross subscriber activations increased by by greater overall competitive market activity and more attractive
18.6% in 2023, compared to last year, driven by increased immigration, promotional offers in the market on postpaid discount brands
continued 5G momentum, successful bundled service offerings and
Mobile phone subscribers at December 31, 2023 totaled 10,287,046,
effective promotions
an increase of 3.4%, from 9,949,086 subscribers reported at the end
• Mobile phone prepaid gross subscriber activations increased by of last year. This consisted of 9,422,830 postpaid subscribers, an
3.0% in 2023, compared to last year, driven by higher immigration increase of 3.9% from 9,069,887 subscribers at the end of 2022, and
and travel to Canada, partly offset by more attractive promotional 864,216 prepaid subscribers, a decrease of 1.7% from 879,199 subscribers
offers in the market on postpaid discount brands at the end of 2022.
Mobile phone net subscriber activations decreased by 16.1% in 2023, Mobile connected device net subscriber activations increased by
compared to 2022, due to lower postpaid net subscriber activations, 45.2% in 2023, compared to last year, due to lower net losses from
as well as prepaid net subscriber losses. data devices, primarily fewer tablet deactivations, higher connected
• Mobile phone postpaid net subscriber activations decreased car subscriptions and greater business IoT net activations.
by 3.1% in 2023, compared to last year, due to higher subscriber
Mobile connected device subscribers at December 31, 2023 totaled
deactivations, partly offset by higher gross activations and greater
2,732,548, an increase of 11.4% from 2,451,818 subscribers reported at
migrations from prepaid
the end of 2022.

Wireline data
Retail high-speed Internet
Retail net subscriber activations 187,126 201,762 (14,636) (7.3%)

Retail subscribers (1) (2) (3) 4,473,429 4,258,570 214,859 5.0%
(1) In Q2 2023, our retail high-speed Internet subscriber base increased by 35,080 as a result of small acquisitions.
(3) In Q4 2022, as a result of the acquisition of Distributel, our retail high-speed Internet subscriber base increased by 128,065.
Retail high-speed Internet net subscriber activations decreased by Retail high-speed Internet subscribers totaled 4,473,429 at December 31,
7.3% in 2023, compared to 2022, due to greater deactivations in our 2023, up 5.0% from 4,258,570 subscribers reported at the end of
non-FTTP service footprint reflecting aggressive promotional offers 2022. In Q1 2023, our retail high-speed Internet subscriber base was
by competitors. This was partly offset by higher customer gross decreased by 7,347 subscribers, subsequent to a review of customer
activations driven by the ongoing expansion of our FTTP footprint, the account records. Additionally, in Q2 2023, our retail high-speed Internet
success of our bundled service offerings and multi-brand strategy, as subscriber base increased by 35,080 as a result of small acquisitions.

well as the contribution from Distributel and other small acquisitions
made during the year.
Retail TV
Retail net subscriber (losses) activations (26,449) 5,148 (31,597) n.m.

IPTV 81,918 94,400 (12,482) (13.2%)
Satellite (108,367) (89,252) (19,115) (21.4%)
Total retail subscribers (1) (2) 2,725,292 2,751,498 (26,206) (1.0%)
IPTV (1) (2) 2,070,342 1,988,181 82,161 4.1%
Satellite 654,950 763,317 (108,367) (14.2%)

(1) In Q2 2023, our retail IPTV subscriber base increased by 243 as a result of small acquisitions.
(2) In Q4 2022, as a result of the acquisition of Distributel, our retail IPTV base increased by 2,315 subscribers.
5
Retail IPTV net subscriber activations decreased by 13.2% in 2023, Total retail TV net subscriber losses (IPTV and satellite TV combined)
compared to 2022, driven by higher deactivations, primarily from our were unfavourable by 31,597 year over year, due to higher satellite TV
app streaming service, mainly attributable to a greater number of net losses, and lower IPTV net activations.
customers with expired promotional offers, as well as reflecting greater Retail IPTV subscribers at December 31, 2023 totaled 2,070,342, up
competitive intensity and higher substitution with OTT services. This 4.1% from 1,988,181 subscribers reported at the end of 2022. In Q2 2023,
was partly mitigated by increased activations from greater Internet our retail IPTV subscriber base increased by 243 as a result of small
pull-through. acquisitions.
Retail satellite TV net subscriber losses increased by 21.4% in 2023, Retail satellite TV subscribers at December 31, 2023 totaled 654,950,
compared to last year, attributable to aggressive offers from cable down 14.2% from 763,317 subscribers reported at the end of 2022.
competitors, particularly in rural areas, along with increased substitution
with OTT services. Total retail TV subscribers (IPTV and satellite TV combined) at
December 31, 2023 were 2,725,292 decreasing by 1.0% over the
2,751,498 subscribers at the end of 2022. In Q2 2023, our retail IPTV
subscriber base increased by 243 as a result of small acquisitions.
Wireline voice
Retail residential NAS lines net losses (176,612) (175,788) (824) (0.5%)
Retail residential NAS lines (1) (2) 2,021,617 2,190,771 (169,154) (7.7%)
(1) In Q2 2023, our retail residential NAS lines subscriber base increased by 7,458 subscribers as a result of small acquisitions.
(2) In Q4 2022, as a result of the acquisition of Distributel, our retail residential NAS lines subscriber base increased by 64,498 subscribers.
Retail residential NAS lines net losses increased by 0.5%, compared Retail residential NAS lines at December 31, 2023 of 2,021,617 declined by
to 2022, as the growth in gross activations was more than offset by 7.7% from 2,190,771 lines reported at the end of 2022. In Q2 2023, our retail
higher year-over-year deactivations, mainly due to lower deactivations residential NAS lines subscriber base increased by 7,458 subscribers
in Q1 2022 as a result of the COVID-19 pandemic and the unfavourable as a result of small acquisitions. The erosion in retail residential NAS
impact of continued substitution to wireless and Internet-based lines of 7.7% deteriorated over the 4.7% rate of erosion experienced
technologies. in 2022, mainly due to the impact of the acquisition of Distributel and
EBOX in 2022.
117
Competitive landscape and industry trends
This section contains forward-looking statements, including relating to our business outlook. Refer to the section Caution regarding forward-
looking statements at the beginning of this MD&A.
Competitive landscape
Wireless products and services Wireline products and services
The Canadian wireless industry has experienced strong subscriber The cable market changed in 2023 as Rogers completed its acquisition of
growth in recent years, supported by immigration and population Shaw, creating a Canadian competitor with larger scale. An estimated
growth, a continued increase in the rate of penetration in line with the 7.5 million Internet subscribers received their service over the networks
trend toward multiple devices, and the ongoing adoption of mobile of the three largest cable companies at the end of 2023, relatively
devices and services. With penetration rates in other developed nations unchanged from 2022. Meanwhile, an estimated 7.6 million Internet
well above 100% (United States, Europe and Asia), the Canadian mobile subscribers received their service over the networks of incumbent
phone penetration rate is expected to continue to increase, above and local exchange carriers (ILECs) like Bell at the end of 2023, compared to
beyond the approximate rate of 91% for 2023. approximately 7.2 million at the end of 2022. Bell continues to make gains
in market share as a result of the ongoing expansion of our FTTP direct

In 2023, the Canadian wireless industry continued to experience
fibre network and increased customer penetration of bundled service
heightened levels of competition nationally, particularly within the flanker
brand environment. This competitive intensity has led to continued offerings. Our ongoing focus on FTTP and its superior characteristics
as compared to cable, such as higher and symmetrical download and
declines in chargeable data usage and rising levels of data allocation
upload speeds, has allowed us to connect more than 7 million homes
in monthly plans, including unlimited data plans, in addition to other
and businesses in Ontario, Québec, the Atlantic provinces and Manitoba
ongoing factors, such as the popularity of data sharing plans and an
to our pure fibre technology. Notably, Bell pure fibre Internet was
evolving shift in the customer mix toward non-traditional mobile devices
awarded fastest in Canada in Ookla’s Q1-Q2 and Q3-Q4 2023 Speedtest
and tools such as video chats. The roll-out of 5G network infrastructure
Awards reports, with the reports also ranking Bell pure fibre Wi-Fi as
continued in 2023, with 5G coverage by the national carriers reaching
fastest in the country – both for the second time in a row. In addition, Bell
approximately 86% of the Canadian population at the end of 2023,
was named the Best Major & All Around ISP in PCMag’s Best ISPs 2023
compared to approximately 80% at the end of 2022. For Bell, our long-
Canada report. Bell recognitions also include BrandSpark’s Most Trusted
standing focus on network excellence is reflected in the recognition
ISP 2023 and 2024.
we received from independent third-party sources in 2023, including
being recognized as Canada’s fastest and best 5G network by GWS While Canadians still watch conventional TV, digital streaming platforms
5
for the third consecutive year in its 2023 nationwide assessment of are playing an increasingly important role in the broadcasting industry
5G networks. New this year, GWS’s testing included 3500 MHz network and in the distribution of content. Popular online video services are
wireless spectrum and determined Bell’s network (5G+) performance providing Canadians with more choice about where, when and how to
to be the fastest and best in the country. access video content. In 2023, ILECs offering IPTV service expanded their
subscriber base by an estimated 4% to reach 3.5 million customers, or
The Canadian wireless industry remains highly competitive and capital-
a 38% market share, up compared to approximately 34% at the end of
intensive among facilities-based providers, as carriers continue to
2022, through wider network coverage, enhanced differentiated services
expand and enhance their broadband wireless networks, including
and bundled offerings, and marketing and promotions focused on IPTV.
the ongoing build-out of 5G, as well as making significant investments
Canada’s three largest cable companies had an estimated 4.7 million TV
in spectrum.
subscribers, or a 50% market share at the end of 2023, up compared
Competitors for wireless products and services to 48% at the end of 2022. The balance of industry subscribers were
• Facilities-based national wireless service providers Rogers, the Telus served by satellite TV and regional providers.
Corporation group of companies (Telus) and Québecor Inc. (Québecor)
In recent years, two of the largest Canadian cable companies have
• Regional facilities-based wireless service providers Saskatchewan launched new TV services based on the Comcast X1 video platform
Telecommunications Holding Corporation, which provides service in
– Rogers (and previously Shaw prior to its acquisition by Rogers) and
Saskatchewan; Bragg Communications Inc. (Eastlink), which provides
Québecor’s Vidéotron brand. Our IPTV platform (Fibe TV, Fibe TV app
service in the three Maritime provinces
and Virgin Plus TV) continues to offer numerous service advantages
compared to this cable platform, including: flexible pricing plans and
packages available to all customers; picture clarity and quality; content
depth and breadth; the number of ways customers can access content,
including wireless set-top boxes, Restart TV, higher-capacity PVR and the
Fibe TV app. We continue to offer more on-demand content and more
OTT content with Crave, Netflix, Prime Video and YouTube all in one place.

The financial performance of the overall Canadian wireline Industry trends
telecommunications market continues to be impacted by the ongoing
declines in legacy voice service revenues resulting from technological
Wireless products and services
substitution to wireless and OTT services, as well as by the ongoing Wireless growth continues to be driven by the ongoing increase in data
conversion to IP-based data services and networks by large business usage and adoption, including: higher- value smartphones, unlimited
customers. Canada’s three largest cable companies had an estimated data offerings, shared family data plans, and IoT devices. In addition,
combined base of approximately 2.7 million telephony subscribers at consumers continue to replace wireline access services with wireless
the end of 2023, representing a national residential market share of access and related data services. These trends are expected to drive
approximately 41%, relatively flat compared to 2022. Telecommunications the growing demand for wireless data services for the foreseeable
companies had an estimated combined total of 3.3 million telephony future, particularly as the industry continues to shift to 5G. Industry
subscribers at the end of 2023, representing a market share of ARPU is expected to continue moderating, compared to periods prior
approximately 50%, up compared to approximately 49% at the end to the COVID-19 pandemic, particularly now that the industry has
of 2022. Other non-facilities-based competitors also offer local and lapped the meaningful recovery in roaming revenues, which had fallen
long distance VoIP services and resell high-speed Internet services. during the peak of the COVID-19 pandemic. Furthermore, as a result of
increased competitive intensity, the industry continues to see greater
Competitors for wireline products and services

adoption of bring-your-own-device (BYOD) additions, resulting in
• Cable TV providers offering cable TV, Internet and cable telephony increased switching activity.
services, including:
• Rogers in Ontario, New Brunswick, Newfoundland and Labrador, While LTE and LTE-A technologies increase download speeds, encourage
and upon its acquisition of Shaw, in British Columbia, Alberta, data usage and enhance the customer experience, growth in data
Saskatchewan and Manitoba traffic poses challenges to mobile access technology. To better manage
this data traffic, Canadian providers continue to evolve their networks
• Vidéotron in Québec
and deploy spectrum to support the shift to 5G. ISED held its auction
• Cogeco Cable Inc. (a subsidiary of Cogeco Inc.) (Cogeco) in Ontario of spectrum in the 3800 MHz band in the fourth quarter of 2023 and
and Québec announced an auction for millimetre wave (mmWave) spectrum; these
• Shaw Direct, providing satellite TV service nationwide bands are important for the expansion of 5G networks.
• Eastlink in every province except Saskatchewan, where it does not IoT technologies connect communications-enabled devices via wireless
provide cable TV and Internet service technologies, allowing them to exchange key information and share
• Telus provides residential voice, Internet and IPTV services in British processes. Advanced platforms and networks are already in place
Columbia, Alberta and Eastern Québec in industries such as transportation and logistics, utilities and fleet
5
• Telus and Allstream Inc. (Allstream) provide wholesale products and management, with deployment ongoing in other sectors, including
business services across Canada smart cities, manufacturing, retail, food services, consumer utilities, and
connected cars. These industries are adopting IoT solutions, combined
• Various others such as TekSavvy Solutions and Vonage Canada with other applications, to digitally transform their operations and
(a division of Vonage Holdings Corp.) offer resale or VoIP-based local,
generate value from their connections. IoT presents a meaningful
long distance and Internet services
opportunity for growth in wireless connectivity, which can deliver
• LEO satellite providers offering Internet services services to customers more efficiently. IoT connectivity generally
• OTT voice and/or video services, such as Zoom, Skype, Netflix, Prime has a lower ARPU when sold as a stand-alone service, but supports
Video, Disney+ and YouTube both revenue and margin growth, since it often leads to the sale of
• Digital media streaming devices such as Apple TV, Roku and Google IoT applications or our other service offerings, enhancing customer
Chromecast penetration. In 2023, we added 293,307 mobile connected devices,
• Other Canadian ILECs and cable TV operators bringing our mobile connected device subscriber base to more than
2.7 million, up 11% from 2022.
• Substitution to wireless services, including those offered by Bell
• Customized managed outsourcing solutions competitors, such as Wireline products and services
systems integrators CGI and IBM
The wireline telecommunications market is expected to remain very
• Wholesale competitors include cable operators, domestic competitive competitive in 2024. Although the residential high-speed internet market
local exchange carrier (CLEC)s, U.S. or other international carriers is maturing, with a penetration rate of approximately 92% across Canada
for certain services, and electrical utility-based telecommunications at the end of 2023, subscriber growth is expected to continue over the
providers coming years. Technology substitution, including the growth of wireless
• Competitors for home security range from local to national companies, and VoIP services, is expected to continue to replace higher-margin
such as Telus, Rogers, Chubb Fire & Security and Stanley Security. legacy voice revenues, while digital streaming services and other online
Competitors also include do-it-yourself security providers such as content providers are expected to impact current linear TV services. Bell
Lorex and home automation service providers such as Ring, Nest is an important provider of these substitution services and the decline
and Wyze. in this legacy business is continuing as expected.
119
The popularity of viewing TV and on-demand content anywhere, the platform increases speed in the near term and is cost-efficient, it
particularly on handheld devices, is expected to continue to grow as does not offer the advanced capabilities of FTTP over the longer term,
customers adopt services that enable them to view content on multiple such as fast symmetrical upload and download speeds. At the end of
screens. Streaming media providers continue to enhance OTT and DTC 2023, approximately 6.5 million locations in Bell’s footprint had access
streaming services in order to compete for a share of viewership in to multi-gigabit symmetrical speeds of 3 Gbps.
response to evolving viewing habits and consumer demand. TV providers In the business market, the convergence of IT and telecommunications,
are monitoring OTT developments and seeking to adapt their content facilitated by the ubiquity of IP, continues to shape the competitive
and market strategies to compete with these non-traditional offerings. environment, with non-traditional providers increasingly blurring the
We view OTT as an opportunity to add further capabilities to our linear lines of competition and business models. Cable companies continue
and on-demand assets, providing customers with flexible options to to make investments to better compete in the highly contested small
choose the content they want and encouraging greater customer usage and medium-sized business space. Telecommunications companies
of Bell’s high-speed Internet and wireless networks. In 2023, our Crave like Bell are providing network-centric managed applications that
streaming service expanded its DTC subscription offering with the leverage their significant FTTP investments, while IT service providers
launch of ad-supported plans, giving customers a range of options to are bundling network connectivity with their proprietary software-
access Crave’s lineup of premium content. And we are expanding the as-a-service (SaaS) offerings. The development of IP-based platforms,
reach of Crave in 2024 through our agreement with Amazon to make which provide combined IP voice, data and video solutions, creates
Crave available on Prime Video Channels in Canada. potential cost efficiencies that compensate, in part, for reduced margins
The Canadian ILECs continue to make significant capital investments in resulting from the continuing shift from legacy to IP-based services. The
broadband networks, with a focus on FTTP to maintain and enhance their evolution of IT has created significant opportunities for our business
ability to support advanced IP-based services and higher broadband markets services, such as cloud, security and workflow automation
speeds. Cable companies continue to evolve their cable networks with solutions, that can have a greater business impact than traditional
DOCSIS-related bandwidth enhancements and node splitting. Although telecommunications services.
Business outlook and assumptions

This section contains forward-looking statements, including relating to our projected financial performance for 2024 and our business outlook,
objectives, plans and strategic priorities. Refer to the section Caution regarding forward-looking statements at the beginning of this MD&A.
2024 outlook
5
Our outlook for 2024 takes into consideration the financial impact of our In our business markets, we expect an improving financial performance
strategic distribution partnership with Best Buy Canada that will result trajectory predicated on higher product sales and project spending
in a decrease in largely consumer electronics related revenue from by large enterprise customers combined with wireless subscriber
Bell CTS results. The impact of this partnership on adjusted EBITDA will growth. However, as large enterprise customers continue to look for
not be material given relatively low margins for consumer electronics. opportunities to leverage low-cost technologies to grow and transform
the workforce of the future and face increased uncertainty about future
We are targeting revenue growth driven by continued subscriber
economic conditions, spending on telecommunications services and
base expansion.
products is expected to be variable. In addition, ongoing customer
Wireless subscriber growth is expected to be supported by an ongoing migrations from traditional technologies to IP-based systems and
5G upgrade cycle, strong immigration levels and our continued focus demand for cheaper bandwidth alternatives will continue to impact
on multi-product cross sales. We are focused on increasing our market business markets’ results in 2024. We intend to seek to offset the
share of national operators’ postpaid mobile phone net additions in a revenue decline from traditional legacy telecommunications services
disciplined and cost-conscious manner. We expect higher, but more by continuing to develop unique services and value enhancements to
moderate, growth in ARPU driven by increased 5G subscriptions and improve the client experience through services such as cloud, security
higher roaming revenue, partly offset by reduced data overage revenue and workforce automation solutions. Further, we intend to use marketing
resulting from the continued adoption of unlimited plans. We will also initiatives and other customer-specific strategies with the objective
seek to achieve higher revenues from the flow-through of pricing of slowing the pace of NAS erosion, while also investing in direct fibre
changes, as well as IoT services and applications. expansion, 5G and new solutions in key portfolios such as Internet,
Continued expansion of our retail Internet and IPTV subscriber bases is private networks, voice and unified communications, cloud solutions,
expected to be supported by a broader FTTP service footprint together security solutions, cloud-based contact centre, IoT and MEC. We will
with higher household penetration, further penetration of WHI access also continue to focus on delivering network-centric managed and
technology in rural communities, further scaling of Bell’s app-based professional services solutions to large and medium-sized businesses
live TV streaming services and the introduction of new products and that increase the value of connectivity services.
features. We will continue to focus on winning the home by leveraging
our symmetrical Internet speed advantage over cable, delivering the
best customer experience with our products, and driving greater
cross-sell penetration of higher value mobility and Internet households.

We expect the overall level of competitive intensity in our small and • Improving wireless handset device availability in addition to stable
medium-sized business markets to remain high, as cable operators and device pricing and margins
other telecom competitors look to these customer segments as potential • Further deployment of direct fibre to more homes and businesses
growth opportunities. We also intend to expand key sales channels and within our wireline footprint, but at a slower pace than during any of
introduce service offerings that help drive innovative solutions and 2020 to 2023
value for our small and medium-sized customers by leveraging Bell’s
• Continued growth in retail Internet and IPTV subscribers
network assets, broadband fibre footprint and service capabilities to
expand our relationships with them. • Increasing wireless and Internet-based technological substitution
• Continued focus on the consumer household and bundled service offers
We are maintaining a sharp focus on our operating cost structure to for mobility and Internet customers
help offset pressures related to customer growth and retention, the
ongoing erosion of high-margin wireline voice and other legacy revenues, • Continued large business customer migration to IP-based systems
and competitive repricing pressures in our residential, business and • Ongoing competitive repricing pressures in our business and wholesale
wholesale markets. This, combined with further operating efficiencies markets
enabled by our direct fibre footprint, changes in consumer behaviour and • Continued competitive intensity in our small and medium-sized
product innovation, digital adoption, product and service enhancements, business markets as cable operators and other telecommunications

expanding self-serve capabilities, new call centre and digital investments, competitors continue to intensify their focus on business customers
other improvements to the customer service experience, management • Traditional high-margin product categories challenged by large
workforce reductions including attrition and retirements, and lower global cloud and OTT providers of business voice and data solutions
contracted rates from our suppliers, is expected to deliver meaningful expanding into Canada with on-demand services
cost savings and productivity gains across the organization. • Increasing customer adoption of OTT services resulting in downsizing
of TV packages
Assumptions
• Growing consumption of OTT TV services and on-demand video
• Increase our market share of national operators’ wireless mobile phone streaming, as well as the proliferation of devices, such as tablets,
net additions
that consume large quantities of bandwidth, will require ongoing
• Increased competitive intensity and promotional activity across all capital investment
regions and market segments
• Realization of cost savings related to operating efficiencies enabled by
• Ongoing expansion and deployment of 5G and 5G+ wireless networks, our direct fibre footprint, changes in consumer behaviour and product
offering competitive coverage and quality innovation, digital adoption, product and service enhancements,
• Continued diversification of our distribution strategy with a focus on
5
expanding self-serve capabilities, new call centre and digital
expanding DTC and online transactions investments, other improvements to the customer service experience,
• Moderating growth in mobile phone blended ARPU, driven by growth in management workforce reductions including attrition and retirements,
5G subscriptions, and increased roaming revenue from the easing of and lower contracted rates from our suppliers
travel restrictions implemented as a result of the COVID-19 pandemic, • No adverse material financial, operational or competitive consequences
partly offset by reduced data overage revenue due, among others, of changes in or implementation of regulations affecting our
to the continued adoption of unlimited plans communication and technology services business
• Accelerating business customer adoption of advanced 5G, 5G+ and
IoT solutions
Key growth drivers

• Strong immigration levels • Increasing FTTP and WTTP customer penetration
• A greater number of customers on our 5G and 5G+ networks • Continued growth in retail Internet and IPTV subscribers
• Cross-sell to customers who do not have all their telecommunication • Expansion of our business customer relationships to drive higher
services with Bell revenue per customer
• Further expansion of FTTP footprint, but at a slower pace than during • Ongoing service innovation and product value enhancements
any of 2020 to 2023
121
Principal business risks
This section discusses certain principal business risks specifically related to the Bell CTS segment. For a detailed description of the other principal
risks that could have a material adverse effect on our business, refer to section 9, Business risks.
Regulatory environment Aggressive competition

Risk Risk
• Increased regulation of wireless services, pricing and infrastructure, • The intensity of competitive activity from national wireless operators,
such as additional mandated access to wireless networks, establishing smaller or regional facilities-based wireless service providers,
rates for mandated wireless services that are materially different from non-traditional players and resellers
the rates we propose, and limitations placed on future spectrum bidding • The intensity of competitive activity coupled with the proliferation of
• The CRTC has mandated the establishment of an aggregated wholesale installment and/or buy and pay later plans, and new wireline product
high-speed access service available on FTTP facilities in Ontario and launches for residential customers (e.g., IoT, smart home systems
Québec on an interim basis, and at rates that are materially lower and devices, innovative TV platforms, etc.) and business customers
from the rates we proposed, and which do not sufficiently account (e.g., OTT VoIP, collaboration and SD WAN solutions) from national
for the investment required in these facilities. The CRTC may maintain, operators, non-traditional players and wholesalers, including the
reverse or otherwise modify this new obligation when it concludes expanded offering of retail services based on wholesale access by
its ongoing wholesale high-speed access review. This new service large facilities-based competitors
materially improves the business position of our competitors. On Potential impact
February 9, 2024, the Federal Court of Appeal granted Bell Canada • Pressure on our revenue, adjusted EBITDA, ARPU, cash flows and churn
leave to appeal the CRTC decision but declined to grant the requested would likely result if wireless competitors continue to aggressively
stay of the decision pending resolution of its appeal. Bell Canada has pursue new types of price plans, increase discounts, offer shared plans
also filed an appeal to the Governor-in-Council. based on sophisticated pricing requirements (e.g., installments) or offer
• The courts could overturn the new wholesale rates the CRTC set for other incentives, such as cash-back for upgrade with old smartphone
aggregated high-speed access service in 2021, which were much and multi-product bundles, in order to attract new customers
higher than the rates it had proposed in 2019 • An increase in the intensity level of competitive activity for wireline
Potential impact services could result in lost revenue, higher churn and increased
• Increased regulation could influence network investment and the acquisition and retention expenses, all of which would put pressure
market structure, limit our flexibility, improve the business position of on Bell CTS’s adjusted EBITDA
5
our competitors, limit network-based differentiation of our services, and

negatively impact the financial performance of our Bell CTS segment Market environment, technological advancement
and changing customer behaviour
• In respect of the potential for new aggregated wholesale high-speed
access service available on FTTP facilities: (i) the mandating of final Risk
rates that are materially different from the rates we proposed; (ii) • Slower subscriber growth due to high Canadian Internet and
the risk that the wholesale FTTP obligation will only be imposed on smartphone penetration, combined with potential pressures from
Bell Canada and not other providers or only in Ontario and Québec the economic environment and reduced discretionary spending, and
while not available to Bell Canada in Western Canada, putting Bell potential varying levels of immigration
Canada at a competitive disadvantage where it could not access • With technological advancement, the traditional TV viewing model (i.e.,
wholesale FTTP out of its traditional territory, but its major competitors a subscription for bundled channels) is challenged by an increasing
could access Bell Canada’s FTTP facilities; and (iii) in the case of our number of legal and illegal viewing options available in the market
existing wholesale high-speed access service, the implementation offered by traditional, non-traditional and global players, as well as
of the rates for aggregated or disaggregated wholesale high-speed increasing cord-cutting and cord-shaving trends
access services, could change our investment strategy, especially in • The proliferation of network technologies impacts business customers’
relation to investment in next-generation wireline networks in smaller decision to migrate to OTT, VoIP and/or leverage SD WAN architecture
communities and rural areas, improve the business position of our
• Changing customer habits further contribute to the erosion of NAS lines
competitors, further accelerate penetration and disintermediation
by OTT players, and negatively impact the financial performance of Potential impact
our business. • A maturing wireline and wireless market could challenge subscriber
growth and the cost of subscriber acquisition and retention, putting
pressure on the financial performance of our business
• Our market penetration and number of TV subscribers could decline
as a result of innovative offerings by BDUs and an increasing number
of domestic and non-domestic unregulated OTT providers, as well as
a significant volume of content piracy
• The proliferation of IP-based products, including OTT content and
OTT software offerings directly to consumers, may accelerate the
disconnection of TV services or the reduction of TV spending, as well
as the reduction in business IT investments by customers
• The ongoing loss of NAS lines challenges our traditional voice revenues
and compels us to develop other service offerings

5.2 Bell Media
Financial performance analysis
2023 performance highlights
Bell Media Bell Media
Revenues Adjusted EBITDA
$3,254 $745
$3,117 $697
MD&A Business segment analysis Bell Media

(4.2%) (6.4%)
22 23 22 23
Bell Media Bell Media

Revenue mix Revenue mix
(product) (line of business)
Advertising Subscriber Other TV Radio OOH
4% 5% 6% 6%
8% 8%
5
40%
42%
56% 53%
86% 86%
2022 2023 2022 2023
Bell Media results

Revenues
External revenues 2,776 2,904 (128) (4.4%)

Inter-segment revenues 341 350 (9) (2.6%)
Bell Media operating revenues 3,117 3,254 (137) (4.2%)
Bell Media operating revenues decreased by 4.2% in 2023, compared and American Federation of Television and Radio Artists (SAG-AFTRA)
to last year, due to lower advertising revenues, partly offset by higher strikes, along with the unfavourable year-over-year impact on specialty
subscriber revenues. Operating revenues reflected continued growth TV due to the benefit last year from the broadcast of the FIFA World
from digital revenues (1) of 19% in 2023, which moderated the overall Cup Qatar 2022. The decline in advertising revenues was moderated
year-over-year pressure in operating revenues. by growth in digital advertising revenues, mainly driven by increased
• Advertising revenues declined by 8.6% in 2023, compared to last bookings from Bell Media’s SAM TV media sales tool.
year, due to lower demand from advertisers as a result of the • Subscriber revenues grew by 0.7% in 2023, compared to last year,
ongoing unfavourable economic conditions, which negatively impacted due to the continued growth in Crave and sports streaming DTC
revenues across our TV and radio platforms. TV advertising revenues, in subscribers, partly offset by the benefit last year from a retroactive
particular conventional TV revenues, were also unfavourably impacted adjustment related to a contract with a Canadian TV distributor.
by the Writers Guild of America (WGA) and the Screen Actors Guild
(1) Digital revenues are comprised of advertising revenue from digital platforms including web sites, mobile apps, connected TV apps and OOH digital assets/platforms, as well as advertising
procured through Bell digital buying platforms and subscription revenue from DTC services and VOD services.
123
Operating costs and adjusted EBITDA
Operating costs (2,420) (2,509) 89 3.5%

Adjusted EBITDA 697 745 (48) (6.4%)
Bell Media operating costs decreased by 3.5% in 2023, compared to • Noovo had 3 out of the top 10 most watched regular shows on French
last year, due to: conventional TV among viewers aged 25 to 54
• Lower content and programming costs driven by content delays due • Crave the most distributed Canadian-owned premium video streaming
to the WGA and SAG-AFTRA strikes, and higher 2022 costs related service
to the broadcast of the FIFA World Cup Qatar 2022, partly offset by • Bell Media continued to rank first in unique visitors, total page views
continued contractual increases in content costs and total page minutes in digital media in 2023 among Canadian
• Cessation of the CRTC Part II broadcasting licence fee broadcast and video network competitors. Bell Media also ranked
• Reduced labour costs driven by restructuring initiatives undertaken as sixth among online properties in the country in terms of unique visitors
a result of the unfavourable economic and broadcasting regulatory and reach, with an average of 23.5 million unique visitors per month,
environments reaching 72% of the digital audience in 2023.
Bell Media adjusted EBITDA decreased by 6.4% in 2023, compared to • Bell Media remained Canada’s top radio broadcaster in 2023, and it had
the #1 and #2 musical radio station in the Montréal French-language
last year, due to lower operating revenues, partly offset by reduced
market for Fall 2023 among listeners aged 25 to 54
operating costs.
• Astral continues to be a leading OOH solution provider across Canada,
Bell Media operating metrics offering a range of six product lines: outdoor advertising, street
• CTV maintained its #1 ranking as the most-watched network in Canada furniture, airport, digital large format, transit and indoor place-based.
for the 22nd year in a row among total viewers in primetime, with 10 of Our products have the potential to reach over 13 million Canadians
the top 20 programs nationally among total viewers weekly in 40 markets, and we offer exclusive advertising presence
including 6 of the top 15 airports and 2 of the top transit commissions
• Bell Media maintained its leadership position in the specialty and pay TV
market with its English specialty and pay TV properties reaching 76% in Canada.
of all Canadian English specialty and pay TV viewers in the average
5
week among key viewers aged 25 to 54 and with its French specialty
and pay TV properties reaching 53% of Québec French specialty and
pay TV viewers in an average week
Competitive landscape and industry trends

This section contains forward-looking statements, including related to our business outlook. Refer to the section Caution regarding forward-
looking statements at the beginning of this MD&A.
Competitive landscape
Competition for content in the Canadian media industry continues to • Digital media: Consumer demand for digital media, content on mobile
be increasingly controlled by a small number of global competitors devices, and on-demand content is increasing and media products
with significant scale and financial resources. Technology has allowed have experienced significant digital uptake, requiring industry players
new entrants to become media players in their own right. Some players to increase their efforts in digital content and capabilities in order
have become more vertically integrated across both traditional and to compete. In response to this trend, advertisers are shifting their
emerging platforms to better enable the acquisition and monetization spending to premium video and audio products on global digital
of premium content. Global aggregators have also emerged and are platforms and social media that enable marketers to narrowly target
competing for both content and viewers. specific audiences instead of the previous mass marketing approach.
This results in lower use of traditional advertising methods and requires
Bell Media competes in the TV, radio, OOH advertising and digital media
a shift in focus. Bell Media and other media companies have initiated
markets:
programs to sell their advertising inventory on a more targeted basis
• TV: The TV market has become increasingly fragmented and this trend through updated buying platforms with enhanced access to data and
is expected to continue as new services and technologies increase
are now selling their inventory on programmatic buying platforms.
the diversity of information and entertainment outlets available to
consumers In 2023, the Canadian advertising market continued to experience
a slowdown consistent with trends in the global advertising market.
• Radio: Competition within the radio broadcasting industry occurs
Improvement is expected in the medium term, although visibility as to
primarily in discrete local market areas among individual stations
the specific timing and pace of recovery remains limited.
• OOH: The Canadian OOH advertising industry is fragmented, consisting
of a few large companies as well as numerous smaller and local
companies operating in a few local markets

Competitors consuming more content online, watching less scheduled programming
live, time-shifting original broadcasts through PVRs, viewing more video
TV
on mobile devices, and catching up on an expanded library of past
• Conventional Canadian TV stations (local and distant signals)
programming on-demand. While households use pure OTT services, such
and specialty and pay channels, such as those owned by Corus
as Crave, Netflix, Prime Video, Disney+ and Apple TV+, to complement
Entertainment Inc. (Corus), Rogers, Québecor and Canadian
linear TV consumption, an increasing number are using these services as
Broadcasting Corporation (CBC)/Société Radio-Canada
alternatives to a traditional linear package. With the increase of options
• U.S. conventional TV stations and specialty channels in the alternative market, content is more widespread than ever before
• OTT streaming providers such as Netflix, Prime Video, Disney+, Apple across providers, resulting in a more competitive landscape. This has
TV+, Paramount +, discovery+ and DAZN resulted in price increases and consumers’ need to subscribe to more
• Video-sharing websites such as YouTube, TikTok and Instagram than one service. The industry has responded with bundling options,
Radio lower price ad tiers, and an increase in free, ad-supported streaming
• Large radio operators, such as Rogers, Corus, Cogeco and Stingray television (FAST) channels, such as The Roku Channel, Tubi and Pluto TV.
Group Inc. that also own and operate radio station clusters in various Premium video content remains vitally important to media companies in

local markets attracting and retaining viewers and advertisers. This content, including
• Radio stations in specific local markets live sports and special events, should continue to draw audiences and
• Satellite radio provider SiriusXM advertisers moving forward. Heightened competition for these rights
from global competitors, including Netflix, Prime Video, Disney+, DAZN
• Music streaming services such as Spotify and Apple Music
and Apple TV+, has already resulted in higher program rights costs and
• Music downloading services such as Apple’s iTunes Store may also make it more difficult to secure content.
• Other media such as newspapers, local weeklies, TV, magazines,
Consumer behaviour is continually changing and media companies
outdoor advertising and the Internet
are adjusting by evolving and personalizing their content and product
OOH advertising offerings. Media companies have launched their own solutions with the
• Large outdoor and indoor advertisers, such as Pattison Outdoor objective of better competing with non-traditional offerings through
Advertising, Allvision, Vendo, OUTFRONT Media (1), Québecor, Branded DTC products such as Bell Media’s bilingual Crave service, TSN and
City, REC Media, UB Media and Rouge Media (a division of Rogers RDS, all of which offer streaming on a variety of platforms. While the
Sports & Media) SVOD model continues to dominate the streaming landscape, AVOD
• Numerous smaller and local companies operating a limited number of and FAST services are seeing tremendous growth due to the appeal
faces in a few local markets to price-conscious consumers.
5
• Other media such as TV, radio, print media and the Internet In addition, there has been a shift in how advertisers want to buy
advertising across all media platforms. The growth of digital consumption
Industry trends
has also given advertisers the opportunity to buy more targeted
Consumers continue to have access to an array of online entertainment inventory and to buy inventory via self-serve and programmatically. As
and information alternatives, with new options being added yearly. The a result, Bell Media and other media companies have initiated programs
increase in alternative entertainment options has led to a fragmentation to sell their advertising inventory on a more targeted basis through
in consumption habits. Traditional linear TV still delivers higher viewership updated buying platforms with enhanced access to data and are now
compared to other forms of video consumption, although the gap is selling their inventory on programmatic buying platforms.
closing with more people consuming content from an assortment of
services and in a variety of formats. In particular, today’s viewers are
Business outlook and assumptions

This section contains forward-looking statements, including relating to our projected financial performance for 2024 and our business outlook,
objectives, plans and strategic priorities. Refer to the section Caution regarding forward-looking statements at the beginning of this MD&A.
2024 outlook
We are targeting positive media revenue growth in 2024. While the competing OTT and digital platforms, as well as further TV cord-shaving
advertising market continues to be adversely affected by economic and cord-cutting, are also expected to continue to negatively impact
uncertainty, we expect a recovery in 2024, although visibility as to the subscriber volumes.
specific timing and pace of recovery remains limited. Subscriber revenue We remain focused on advancing our digital-first media strategy,
is expected to reflect the non-recurrence of revenue adjustments in including growing digital revenues and DTC subscribers, and increasing
2023, but moderated by BDU rate increases and continued scaling usage of our ad buying optimization platforms. We also intend to
of DTC products, such as Crave, including expanded distribution and continue controlling costs by achieving productivity gains and pursuing
price increases. The effects of shifting media consumption towards operational efficiencies across all of our media properties, while
continuing to invest in premium content across all screens and platforms.
(1) On October 23, 2023, Bell Media announced it plans to acquire the Canadian out-of-home media business of OUTFRONT Media Inc. The transaction is valued at $410 million, subject to
certain adjustments, and is expected to close in the first half of 2024, subject to regulatory approval and other closing conditions.
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Across our media properties, particularly in TV, we intend to leverage In our OOH operations, we plan to provide advertisers with attractive
our market position combined with enhanced audience targeting to opportunities in key Canadian markets. We will also continue to seek
offer advertisers, both nationally and locally, premium opportunities new opportunities to support the growing demand in digital, including
to reach their target audiences. Success in this area requires that converting certain outdoor structures to digital and adding new boards.
we focus on successfully acquiring highly rated programming and Our proposed acquisition of the Canadian out-of-home media business
differentiated content; building and maintaining strategic supply of OUTFRONT Media Inc., which is expected to close in the first half of
arrangements for content across all screens and platforms; and 2024, subject to regulatory approval and other closing conditions, is
producing and commissioning high-quality Canadian content, including expected to support our digital media strategy and to deliver impactful,
market-leading news. We will also continue scaling our SAM TV and multi-channel marketing solutions coast-to-coast.
Bell DSP ad buying optimization platforms, which give customers the
ability to plan, activate and measure marketing campaigns using Bell’s Assumptions
premium first-party data and expanding personalization of ad content • Overall digital revenue expected to reflect continued scaling of our
to TV and digital radio. SAM TV and DSP buying platforms, expansion of Addressable TV
(ATV), as well as DTC subscriber growth, contributing towards the
Our sports offerings are expected to continue to deliver popular content
advancement of our digital-first media strategy
and viewing experiences to our TV and DTC audiences. These offerings,

combined with the integration of our digital platforms, are integral parts • Leveraging of first-party data to improve targeting, advertisement
of our strategy to enhance viewership and engagement. We will also delivery including personalized viewing experience and attribution
continue to focus on creating innovative high-quality productions in • Continued escalation of media content costs to secure quality
the areas of sports news and editorial coverage. programming
In non-sports specialty TV, audiences and advertising revenues are • Continued scaling of Crave through optimized content offering, user
expected to be driven by investment in quality programming and experience improvements and expanded distribution
production. • Continued support in original French programming with a focus on
digital platforms such as Crave, Noovo.ca and iHeartRadio, to better
Through Crave, our bilingual premium video streaming service, we will
serve our French-language customers through a personalized digital
continue to leverage our investments in premium content (including
experience
HBO, Max, STARZ and original French-language programming) in order
to attract pay TV and DTC subscribers. We intend to continue expanding • Ability to successfully acquire and produce highly-rated programming
platform distribution and delivering user experience improvements. and differentiated content
We will continue to support original French programming with a focus • Building and maintaining strategic supply arrangements for content
5
across all screens and platforms

on digital platforms such as Crave, Noovo.ca and iHeartRadio, to better
serve our French-language customers through a personalized digital • No adverse material financial, operational or competitive consequences
experience. of changes in or implementation of regulations affecting our media
business
In radio, we intend to offer advertisers, both nationally and locally,
attractive opportunities to reach their target audiences. Additionally,
in conjunction with our TV properties, we will continue to pursue
opportunities that leverage our promotional capabilities, provide an
expanded platform for content sharing, and offer other synergistic
efficiencies.

Key growth drivers
• Building out digital experiences and expanding distribution in order to • Ongoing growth in BDU rates
support audience growth and increase advertising inventory • Delivery of compelling content to maintain strength in audience
• Monetization of Bell data through continued scaling of SAM TV and performance
Bell DSP buying platforms as well as expansion of Addressable TV
and Addressable Audio
Principal business risks

This section discusses certain principal business risks specifically related to the Bell Media segment. For a detailed description of the other
principal risks that could have a material adverse effect on our business, refer to section 9, Business risks.
Advertising and subscription revenue uncertainty Aggressive competition

Risk Risk

• Advertising is heavily dependent on economic conditions and • The intensity of competitive activity from new technologies and
viewership, and traditional media is under increasing pressure for alternative distribution platforms such as unregulated OTT content
advertising spend against dominant non-traditional/global digital offerings, VOD, personal video platforms, DTC distribution and pirated
services content, in addition to traditional TV services, in combination with the
• The advertising market could be further impacted by cancelled development of more aggressive product and sales strategies by
or delayed advertising campaigns from many sectors due to the non-traditional global players with a much larger scale
economic environment Potential impact
• Bell Media has contracts with a variety of BDUs, under which monthly • Increased competitive activity in combination with the development of
subscription fees for specialty and pay TV services are earned, that more aggressive product and sales strategies could have an adverse
expire on a specific date impact on the level of subscriptions and/or viewership for Bell Media’s
TV services and on Bell Media’s revenue streams
Potential impact
• Economic uncertainty could continue to impact advertisers’ spending. Rising content costs and ability to secure key content
Our failure to increase or maintain viewership or capture our share
of the changing and fragmented advertising market, including digital Risk
5
revenues, could result in the loss of advertising revenue. • Rising content costs, as an increasing number of domestic and global
competitors seek to acquire the same content or to restrict content
• If we are not successful in obtaining favourable agreements with within their own ecosystems, and the ability to acquire or develop
BDUs, it could result in the loss of subscription revenue
key differentiated content to drive revenues and subscriber growth
Potential impact
• Rising programming costs could require us to incur unplanned
expenses, which could result in negative pressure on adjusted EBITDA
• Our inability to acquire or develop popular programming content could
adversely affect Bell Media’s viewership and subscription levels and,
consequently, advertising and subscription revenues
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6 Financial and capital management
Our financial
resources
This section tells you how we manage our cash and capital resources to carry out our strategy and deliver financial results. It provides an
analysis of our financial condition, cash flows and liquidity on a consolidated basis.
6.1 Net debt

Long-term debt 31,135 27,783 3,352 12.1%

Debt due within one year 5,042 4,137 905 21.9%
50% of preferred shares (1) 1,834 1,935 (101) (5.2%)
Cash (547) (99) (448) n.m.
MD&A Financial and capital management
Cash equivalents (225) (50) (175) n.m.

Short-term investments (1,000) – (1,000) n.m.
Net debt 36,239 33,706 2,533 7.5%

(1) 50% of outstanding preferred shares of $3,667 million and $3,870 million at December 31, 2023 and December 31, 2022, respectively, are classified as debt consistent with the treatment
by some credit rating agencies.
The increase of $905 million in debt due within one year and The increase in cash of $448 million, the increase in cash equivalents of
$3,352 million in long-term debt were due to: $175 million and the increase in short-term investments of $1,000 million
• the issuance by Bell Canada of Series M-57, Series M-58, Series M-59, were mainly due to:
Series M-60, Series M-61 and Series M-62 MTN debentures, with • $7,946 million of cash flows from operating activities
total principal amounts of $300 million, $1,050 million, $450 million, • $5,195 million of issuance of long-term debt
$600 million, $400 million and $700 million in Canadian dollars,
• $209 million from business dispositions
6
respectively
Partly offset by:
• the issuance by Bell Canada of Series US-8 Notes, with a total principal
amount of $850 million in U.S. dollars ($1,138 million in Canadian dollars) • $4,581 million of capital expenditures
• outstanding loans of $491 million under the Bell Mobility uncommitted • $3,486 million of dividends paid on BCE common shares
trade loan agreement • $1,858 million of repayment of long-term debt
• a net increase of $374 million due to higher lease liabilities and other • $646 million decrease in notes payable (net of issuances)
debt • $223 million paid for the purchase on the open market of BCE common
Partly offset by: shares for the settlement of share-based payments
• a decrease in notes payable (net of issuances) of $646 million • $222 million for business acquisitions
• the repayment at maturity of Series M-29 MTN debentures, with a total • $183 million for the purchase of spectrum licences
principal amount of $600 million • $182 million of dividends paid on BCE preferred shares
• $149 million repurchase of a financial liability
• $140 million paid for the repurchase of BCE preferred shares

6.2 Outstanding share data
Number Number Weighted average
Common shares outstanding of shares Stock options outstanding of options exercise price ($)
Outstanding, January 1, 2023 911,982,866 Outstanding, January 1, 2023 7,802,108 61

Shares issued under deferred share plan 843 Exercised (1) (306,139) 60
Shares issued under employee stock option plan 306,139 Forfeited or expired (11,408) 63
Unclaimed shares (1) (15,303)
Outstanding, December 31, 2023 7,484,561 61
Outstanding, December 31, 2023 912,274,545
Exercisable, December 31, 2023 7,484,561 61
(1) Represents unclaimed shares following the expiry of former Manitoba Telecom Services Inc.
(MTS) shareholders’ right to receive BCE common shares in connection with the acquisition (1) The weighted average market share price for options exercised in 2023 was $63.
of MTS.
At March 7, 2024, 912,275,388 common shares and 6,599,815 stock options were outstanding.
6.3 Cash flows

Cash flows from operating activities 7,946 8,365 (419) (5.0%)

Capital expenditures (4,581) (5,133) 552 10.8%
Cash dividends paid on preferred shares (182) (136) (46) (33.8%)
Cash dividends paid by subsidiaries to non-controlling interest (47) (39) (8) (20.5%)
Acquisition and other costs paid 8 10 (2) (20.0%)
Free cash flow 3,144 3,067 77 2.5%

Business acquisitions (222) (429) 207 48.3%
Business dispositions 209 52 157 n.m.
Acquisition and other costs paid (8) (10) 2 20.0%
Short-term investments (1,000) – (1,000) n.m.
Spectrum licences (183) (3) (180) n.m.
6
Other investing activities (4) (4) – –
(Decrease) increase in notes payable (646) 111 (757) n.m.
Increase in securitized receivables – 700 (700) (100.0%)
Issue of long-term debt 5,195 1,951 3,244 n.m.
Repayment of long-term debt (1,858) (2,023) 165 8.2%
Repurchase of a financial liability (149) – (149) n.m.
Issue of common shares 18 171 (153) (89.5%)
Purchase of shares for settlement of share-based payments (223) (255) 32 12.5%
Repurchase of preferred shares (140) (125) (15) (12.0%)
Cash dividends paid on common shares (3,486) (3,312) (174) (5.3%)
Other financing activities (24) (31) 7 22.6%
Net increase (decrease) in cash 448 (190) 638 n.m.

Net increase in cash equivalents 175 50 125 n.m.
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Cash flows from operating activities and free cash flow
In 2023, BCE’s cash flows from operating activities decreased by Free cash flow increased by $77 million in 2023, compared to 2022,
$419 million, compared to 2022, mainly due to lower cash from working mainly due to lower capital expenditures, partly offset by lower cash
capital, in part from timing of supplier payments, and higher interest flows from operating activities, excluding cash from acquisition and
paid, partly offset by higher adjusted EBITDA and lower contributions other costs paid.
to post-employment benefit plans.
Capital expenditures
Bell CTS 4,421 4,971 550 11.1%

Capital intensity 20.2% 23.3% 3.1 pts
Bell Media 160 162 2 1.2%
Capital intensity 5.1% 5.0% (0.1) pts
BCE 4,581 5,133 552 10.8%

Capital intensity 18.6% 21.2% 2.6 pts
BCE capital expenditures of $4,581 million in 2023, declined 10.8% or accelerated network investments in 2022, as well as an unplanned
$552 million, compared to 2022, with a corresponding capital intensity additional $105 million decrease in Q4 2023 as a result of the CRTC’s
ratio of 18.6%, down 2.6 pts over last year. The decline was driven by decision in November 2023 to mandate wholesale access to Bell’s FTTP
lower capital expenditures in our Bell CTS segment of $550 million network. We continued to focus our investments in 2023 on the further
as a result of lower planned capital spending in 2023 subsequent to expansion of our FTTP and mobile 5G networks.
Business acquisitions
On June 1, 2023, Bell acquired FX Innovation, a Montréal-based provider $303 million ($282 million net of cash acquired) and $39 million of
of cloud-focused managed and professional services and workflow estimated additional cash consideration contingent on the achievement
automation solutions for business clients, for cash consideration of of certain performance objectives. This contingent consideration
$157 million ($156 million net of cash acquired), of which $12 million is was expected to be settled by 2026 and the maximum contingent
payable within two years, and an estimated $6 million of additional cash consideration payable was $65 million. Contingent consideration is
6
consideration contingent on the achievement of certain performance estimated to be $49 million at December 31, 2023 of which $19 million was
objectives. This contingent consideration is expected to be settled paid in 2023. The remaining $30 million is expected to be paid in 2024.
by 2027 and the maximum amount payable is $7 million. Contingent In February 2022, Bell acquired EBOX and other related companies,
consideration is estimated to be nil at December 31, 2023. which provide Internet, telephone and TV services to consumers and
On December 1, 2022, Bell acquired Distributel, a national independent businesses in Québec and parts of Ontario, for cash consideration of
communications provider offering a wide range of consumer, business $153 million ($139 million net of cash acquired).
and wholesale communications services, for cash consideration of
Business dispositions
On May 3, 2023, we completed the sale of our 63% ownership in certain production studios, which were included in our Bell Media segment for
net cash proceeds of $211 million.
On March 1, 2022, we completed the sale of our wholly-owned subsidiary, Createch for cash proceeds of $54 million.
Spectrum licences
On May 19, 2023, after approval from ISED, Bell Mobility obtained the right to use, through subordination, certain of Xplore Inc.’s 3500 megahertz
spectrum licences in Québec, for $145 million.

Debt instruments
We use a combination of short-term and long-term debt to finance our operations. Our short-term debt consists mostly of notes payable
under commercial paper programs, loans securitized by receivables and wireless device financing plan receivables, and bank facilities. We
usually pay fixed rates of interest on our long-term debt and floating rates on our short-term debt. As at December 31, 2023, all of our debt
was denominated in Canadian dollars with the exception of our commercial paper, Bell Mobility trade loans and Series US-1, US-2, US-3, US-4,
US-5, US-6, US-7 and US-8 Notes, which are denominated in U.S. dollars and have been hedged for foreign currency fluctuations with cross
currency interest rate swaps.
2023 2022
During 2023, we issued debt, net of repayments. This included: During 2022, we issued debt, net of repayments. This included:
• $5,195 million issuance of long-term debt comprised of the issuance • $1,951 million issuance of long-term debt comprised of the issuance of
of Series M-57, Series M-58, Series M-59, Series M-60, Series Series M-57 MTN debentures with a total principal amount of $1 billion
M-61 and Series M-62 MTN debentures, with total principal amounts in Canadian dollars and the issuance of Series US-7 Notes, with a
of $300 million, $1,050 million, $450 million, $600 million, $400 million total principal amount of $750 million in U.S. dollars ($954 million in
and $700 million in Canadian dollars, respectively, the issuance of Canadian dollars), partly offset by $3 million mainly related to discounts
Series US-8 Notes, with a total principal amount of $850 million in U.S. on our debt issuances
dollars ($1,138 million in Canadian dollars), the increase of $491 million • $700 million increase in securitized receivables
in outstanding loans under the Bell Mobility uncommitted trade loan

• $111 million issuance (net of repayments) of notes payable
agreement and the issuance of other debt of $75 million, partly offset
by $8 million of discounts on our debt issuances Partly offset by:
Partly offset by: • $2,023 million repayment of long-term debt comprised of the early
redemption of Series M-26 MTN debentures with a total principal
• $1,258 million repayment of long-term debt comprised of net payments amount of $1 billion in Canadian dollars, and net payments of leases
of leases and other debt and other debt of $1,023 million
• $646 million repayment (net of issuances) of notes payable
• $600 million repayment of Series M-29 MTN debentures
Consolidation of MLSE ownership under BCE (repurchase of a financial liability)

In January 2023, BCE repurchased the 9% interest held by the BCE Master Trust Fund (Master Trust Fund), a trust fund that holds pension fund
investments serving the pension obligations of the BCE group pension plan participants, in MLSE for a cash consideration of $149 million, as a
6
result of BCE’s obligation to repurchase the Master Trust Fund’s interest in MLSE at that price.
Issuance of common shares

The issuance of common shares in 2023 decreased by $153 million, compared to 2022, mainly due to a lower number of exercised stock options.
Repurchase of preferred shares

In 2023, BCE repurchased and canceled 8,124,533 First Preferred Shares under its normal course issuer bid (NCIB) for a total cost of $140 million.
Subsequent to year end, BCE repurchased and canceled 1,412,388 First Preferred Shares for a total cost of $25 million.
In 2022, BCE repurchased and canceled 584,300 First Preferred Shares for a total cost of $10 million.
In Q1 2022, BCE redeemed its 4,600,000 issued and outstanding Cumulative Redeemable First Preferred Shares, Series AO for a total cost of
$115 million.
Cash dividends paid on common shares

In 2023, cash dividends paid on common shares of $3,486 million increased by $174 million, compared to 2022, due to a higher dividend paid
in 2023 of $3.8225 per common share, compared to $3.6350 per common share in 2022.
6.4 Post-employment benefit plans

For the year ended December 31, 2023, we recorded a decrease in For the year ended December 31, 2022, we recorded an increase in
our post-employment benefit plans and a loss, before taxes, in OCI of our post-employment benefit plans and a gain, before taxes, in OCI
$553 million. This was due to a lower actual discount rate of 4.6% at of $566 million. This was due to a higher actual discount rate of 5.3%
December 31, 2023, compared to 5.3% at December 31, 2022, partly at December 31, 2022, compared to 3.2% at December 31, 2021, partly
offset by a gain on plan assets, experience gains and a decrease in offset by a loss on plan assets, experience losses and an increase in
the effect of the asset limit. the effect of the asset limit.
131
6.5 Financial risk management
Management’s objectives are to protect BCE and its subsidiaries on a consolidated basis against material economic exposures and variability
of results from various financial risks, including credit risk, liquidity risk, foreign currency risk, interest rate risk , equity price risk and longevity
risk. These risks are further described in Note 2, Material accounting policies, Note 9, Other expense, Note 27, Post-employment benefit plans
and Note 29, Financial and capital management in BCE’s 2023 consolidated financial statements.
The following table outlines our financial risks, how we manage these risks and their financial statement classification.
Financial risk Description of risk Management of risk and financial statement classification
Credit risk We are exposed to credit risk from operating • Large and diverse customer base
activities and certain financing activities, the • Deal with institutions with investment-grade credit ratings
maximum exposure of which is represented by
the carrying amounts reported in the statements
• Regularly monitor our credit risk and credit exposure, and consider, among other
factors, the effects of changes in interest rates and inflation
of financial position. We are exposed to credit
risk if counterparties to our receivables, including • Our trade receivables and allowance for doubtful accounts balances at December 31,
wireless device financing plan receivables, and 2023, which both include the current portion of wireless device financing plan
derivative instruments are unable to meet receivables, were $3,959 million and $118 million, respectively
their obligations. • Our non-current wireless device financing plan receivables and allowance for
doubtful accounts balances at December 31, 2023 were $401 million and $15 million,
respectively
• Our contract assets balance at December 31, 2023 was $735 million, net of an
allowance for doubtful accounts balance of $18 million
Liquidity risk We are exposed to liquidity risk for financial • Our cash, cash equivalents, short-term investments, amounts available under our
liabilities. securitized receivables program, cash flows from operations and possible capital
markets financing are expected to be sufficient to fund our operations and fulfill our
obligations as they become due. Should our cash requirements exceed the above
sources of cash, we would expect to cover such a shortfall by drawing on existing
committed bank facilities and new ones, to the extent available
• Refer to section 6.7, Liquidity – Contractual obligations, for a maturity analysis of our
recognized financial liabilities
Foreign We are exposed to foreign currency risk related to • At December 31, 2023, we had outstanding foreign currency forward contracts
currency risk anticipated purchases and certain foreign currency and options maturing from 2024 to 2025 of $4.6 billion in U.S. dollars ($5.9 billion in
debt. Canadian dollars) and ₱2.9 billion in Philippine pesos ($69 million in Canadian dollars),
A 10% depreciation (appreciation) in the value of to manage foreign currency risk related to anticipated purchases and certain foreign
6
the Canadian dollar relative to the U.S. dollar would currency debt
result in a gain of $28 million (loss of $100 million) • For cash flow hedges relating to anticipated purchases denominated in
recognized in net earnings at December 31, 2023 foreign currencies, changes in the fair value are recognized in our statements
and a gain of $124 million (loss of $123 million) of comprehensive income, except for any ineffective portion of the hedging
recognized in Other comprehensive (loss) income relationship, which is recognized in Other expense in the income statements.
at December 31, 2023, with all other variables Realized gains and losses in Accumulated OCI are reclassified to the income
held constant. statements or to the initial cost of the related non-financial asset in the same
A 10% depreciation (appreciation) in the value periods as the corresponding hedged transactions are recognized.
of the Canadian dollar relative to the Philippine • For cash flow hedges relating to our U.S. dollar debt under our commercial paper
peso would result in a gain (loss) of $5 million program, securitization of receivables program and committed credit facilities,
recognized in Other comprehensive (loss) income changes in the fair value are recognized in Other expense in the income statements
at December 31, 2023, with all other variables and offset the foreign currency translation adjustment on the related debt, except
held constant. for any portion of the hedging relationship which is ineffective
Refer to the following Fair value section for details • For economic hedges, changes in the fair value are recognized in Other expense
on our derivative financial instruments. in the income statements
• At December 31, 2023, we had outstanding cross currency interest rate swaps with
notional amounts of $5,100 million in U.S. dollars ($6,603 million in Canadian dollars)
to hedge the U.S. currency exposure of our U.S. Notes maturing from 2032 to 2052
• For these cross currency interest rate swaps, changes in the fair value of these
derivatives are recognized in our statements of comprehensive income, except for
amounts recorded in Other expense in the income statements to offset the foreign
currency translation adjustment on the related debt and any portion of the hedging
relationship which is ineffective
• At December 31, 2023, we had outstanding cross currency interest rate swaps with
a notional amount of $360 million in U.S. dollars ($491 million in Canadian dollars) to
hedge the U.S. currency exposure of outstanding loans maturing in 2025 under our
Bell Mobility trade loan agreement
• For these cross currency interest rate swaps, changes in the fair value of these
derivatives are recognized in our statements of comprehensive income, except for
amounts recorded in Other expense in the income statements to offset the foreign
currency translation adjustment on the related debt and any portion of the hedging
relationship which is ineffective

Interest We are exposed to risk on the interest rates of • We use interest rate swaps, cross currency basis rate swaps, cross currency interest
rate risk our debt, our post-employment benefit plans and rate swaps, forward starting interest rate swaps, and amortizing interest rate swaps
on dividend rate resets on our preferred shares. to hedge interest rate exposure on existing and/or future debt issuances. We also use
A 1% increase (decrease) in interest rates would leveraged interest rate options to hedge economically the dividend rate resets on
result in a loss (gain) of $26 million recognized in preferred shares.
net earnings at December 31, 2023, with all other • At December 31, 2023, we had outstanding cross currency interest rate swaps with
variables held constant. a notional amount of $600 million in U.S. dollars ($748 million in Canadian dollars) to
A 0.1% increase (decrease) in cross currency basis hedge the interest exposure of our U.S. Notes maturing in 2024
swap rates would result in a gain (loss) of $11 million • For these cross currency interest rate swaps, changes in the fair value of these
recognized in net earnings at December 31, 2023, derivatives and the related debt are recognized in Other expense in the income
with all other variables held constant. statements and offset each other, except for any ineffective portion of the hedging
Refer to the following Fair value section for details relationship
on our derivative financial instruments. • At December 31, 2023, we had outstanding interest rate swaps with a notional amount
of $625 million which will mature in 2027 and have been designated to hedge the fair
value of our Series M-53 MTN debentures
• For interest rate swaps, changes in the fair value of these derivatives and the
related debt are recognized in Other expense in the income statements and offset
each other, except for any ineffective portion of the hedging relationship
• At December 31, 2023, we had outstanding forward starting interest rate swaps,
effective 2024, with a notional amount of $700 million which will mature in 2029 and

have been designated to hedge the fair value of our Series M-62 MTN debentures
• For forward starting interest rate swaps, changes in the fair value of these
derivatives and the related debt are recognized in Other expense in the income
statements and offset each other, except for any ineffective portion of the hedging
relationship
• At December 31, 2023, we had outstanding interest rate swaps with a notional amount of
$500 million to hedge the fair value of our series M-52 MTN debentures maturing in 2030
• At December 31, 2023, we had outstanding interest rate swaps with a notional amount of
$500 million to hedge the fair value of our series M-57 MTN debentures maturing in 2032
6
effective from 2028 with a notional amount of $125 million to hedge the fair value
of our series M-59 MTN debentures maturing in 2053
relationship
effective from 2028 with a notional amount of $400 million to hedge the fair value
of our series M-61 MTN debentures maturing in 2053
relationship
• At December 31, 2023, we had an outstanding amortizing interest rate swap with
a notional amount of $197 million to hedge the interest rate exposure on other debt
maturing in 2028
• For amortizing interest rate swaps, changes in the fair value of these derivatives
are recognized in our statements of comprehensive income
• At December 31, 2023, we had outstanding cross currency basis rate swaps maturing
in 2024 with a notional amount of $644 million to hedge economically the basis rate
exposure on future debt issuances
• For these cross currency basis rate swaps, changes in the fair value of these
derivatives are recognized in the income statements in Other expense
• At December 31, 2023, we had outstanding leveraged interest rate options with a
fair value of nil to hedge economically the dividend rate resets on $582 million of our
preferred shares which had varying reset dates in 2021 for the periods ending in 2026
• For leveraged interest rate options, changes in the fair value of these derivatives
are recognized in the income statements in Other expense
• For our post-employment benefit plans, the interest rate risk is managed using
a liability matching approach, which reduces the exposure of the DB plans to a
mismatch between investment growth and obligation growth
133
Equity We are exposed to risk on our cash flow related • At December 31, 2023, we had outstanding equity forward contracts with a fair
price risk to the settlement of equity settled share-based value net liability of $162 million on BCE’s common shares to economically hedge
payment plans. the cash flow exposure related to the settlement of equity settled share-based
A 5% increase (decrease) in the market price of compensation plans
BCE’s common shares would result in a gain (loss) of • Changes in the fair value of these derivatives are recorded in the income statements
$29 million recognized in net earnings at December 31, in Other expense
2023, with all other variables held constant.
Refer to the following Fair value section for details
on our derivative financial instruments.
Longevity We are exposed to life expectancy risk on our • The Bell Canada Pension Plan has an investment arrangement which hedges part of
risk post-employment benefit plans. its exposure to potential increases in longevity, which covers approximately $3 billion
of post-employment benefit obligations
Fair value
Fair value is the price that would be received to sell an asset or paid to The carrying values of our cash, cash equivalents, short-term investments,
transfer a liability in an orderly transaction between market participants trade and other receivables, trade payables and other liabilities, interest
at the measurement date. payable, dividends payable, notes payable and loans secured by
receivables approximate fair value as they are short-term. The carrying
Certain fair value estimates are affected by assumptions we make about
value of wireless device financing plan receivables approximates
the amount and timing of future cash flows and discount rates, all of
fair value given that their average remaining duration is short and
which reflect varying degrees of risk. Income taxes and other expenses
the carrying value is reduced by an allowance for doubtful accounts
that may be incurred on disposition of financial instruments are not
and an allowance for revenue adjustments. The carrying value of the
reflected in the fair values. As a result, the fair values may not be the
Bell Mobility trade loans approximates fair value given their average
net amounts that would be realized if these instruments were settled.
remaining duration is short and they bear interest at a variable rate.
The following table provides the fair value details of other financial instruments measured at amortized cost in the statements of financial position.
December 31, 2023 December 31, 2022
Carrying Fair Carrying Fair
Classification Fair value methodology value value value value
Debt securities Debt due within one year Quoted market price of debt 29,049 28,225 25,061 23,026
6
and other debt and long-term debt
The following table provides the fair value details of financial instruments measured at fair value in the statements of financial position.
Fair value
Quoted prices in
active markets for Observable Non-observable
Carrying value of identical assets market data market inputs
Classification asset (liability) (level 1) (level 2) (1) (level 3) (2)
December 31, 2023
Publicly-traded and privately-held Other non-current assets 587 10 – 577

investments (3)
Derivative financial instruments Other current assets, trade payables (488) – (488) –
and other liabilities, other non-current
assets and liabilities
Other Other non-current assets and liabilities 147 – 216 (69)
December 31, 2022
Publicly-traded and privately-held Other non-current assets 215 9 – 206

investments (3)
Derivative financial instruments Other current assets, trade payables 72 – 72 –
and other liabilities, other non-current
assets and liabilities
MLSE financial liability (4) Trade payables and other liabilities (149) – – (149)
Other Other non-current assets and liabilities 108 – 184 (76)
(1) Observable market data such as equity prices, interest rates, swap rate curves and foreign currency exchange rates.
(2) Non-observable market inputs such as discounted cash flows and revenue and earnings multiples. For certain privately-held investments, changes in our valuation assumption relating
to revenue and earnings multiples may result in a significant increase (decrease) in the fair value of our level 3 financial instruments.
(3) Unrealized gains and losses are recorded in OCI in the statements of comprehensive income and are reclassified from Accumulated OCI to the deficit in the statements of financial position
when realized.
(4) Represented BCE’s obligation to repurchase the Master Trust Fund’s 9% interest in MLSE at a price not less than an agreed minimum price. In January 2023, BCE repurchased the interest
in MLSE held by the Master Trust Fund for a cash consideration of $149 million.

6.6 Credit ratings
Credit ratings generally address the ability of a company to repay credit ratings at the time capital is raised. Investment grade credit
principal and pay interest on debt or dividends on issued and outstanding ratings usually mean that when we borrow money, we can obtain lower
preferred shares. interest rates than companies that have ratings lower than investment
grade. A ratings downgrade could result in adverse consequences for
Our ability to raise financing depends on our ability to access the
our funding cost and capacity, and our ability to access the capital
public equity and debt capital markets, the money market, as well as
markets, the money market and/or bank credit market.
the bank credit market. Our ability to access such markets and the
cost and amount of funding available partly depend on our assigned
The following table provides BCE’s and Bell Canada’s credit ratings, which are considered investment grade, as at March 7, 2024 from DBRS,
Moody’s and S&P.
Key credit ratings

Bell Canada (1)
March 7, 2024 DBRS Moody’s S&P
Commercial paper R-2 (high) P-2 A-1 (Low) (Canadian scale)

A-2 (Global scale)
Long-term debt BBB (high) Baa1 BBB+
Subordinated long-term debt BBB (low) Baa2 BBB
BCE (1)
DBRS Moody’s S&P
Preferred shares Pfd-3 – P-2 (Low) (Canadian scale)

BBB- (Global scale)
(1) These credit ratings are not recommendations to buy, sell or hold any of the securities referred to, and they may be revised or withdrawn at any time by the assigning rating agency.
Ratings are determined by the rating agencies based on criteria established from time to time by them, and they do not comment on market price or suitability for a particular investor.
Each credit rating should be evaluated independently of any other credit rating.
As of March 7, 2024, BCE’s and Bell Canada’s credit ratings have stable outlooks from DBRS, Moody’s and S&P.
6
6.7 Liquidity
This section contains forward-looking statements, including relating to our anticipated capital expenditures, our expected post-employment
benefit plans funding, and the sources of liquidity we expect to use to meet our 2024 cash requirements. Refer to the section Caution regarding
Available liquidity
Total available liquidity at December 31, 2023 was $5.8 billion, comprised In 2024, our cash flows from operations, cash, cash equivalents,
of $547 million in cash, $225 million in cash equivalents, $1,000 million short-term investments, capital markets financings, securitized
in short-term investments, $700 million available under our securitized receivables program and credit facilities should give us flexibility
receivables program and $3.3 billion available under our $3.5 billion in carrying out our plans for business growth, including business
committed revolving and expansion credit facilities (given $197 million acquisitions, as well as for the payment of contingencies.
of commercial paper outstanding). We continuously monitor our operations, capital markets and the
We expect that our cash, cash equivalents, short-term investments, Canadian economy with the objective of maintaining adequate liquidity.
amounts available under our securitized receivables program, cash flows
from operations and possible capital markets financing will permit us Securitization program
to meet our cash requirements in 2024 for capital expenditures, post- In 2022, we entered into a new securitization program which replaced
employment benefit plans funding, dividend payments, the payment of our previous securitized trade receivables program and now includes
contractual obligations, maturing debt, ongoing operations and other wireless device financing plan receivables. As a result, the maximum
cash requirements. amount available under our securitization program increased from
$1.3 billion at December 31, 2021 to $2.3 billion at December 31, 2022.
Should our 2024 cash requirements exceed our cash, cash equivalents,
short-term investments, cash generated from our operations, and funds In 2023, we amended our securitization program to add sustainability-
raised under capital markets financings and our securitized receivables linked pricing. The amendment introduces a financing cost that varies
program, we would expect to cover such a shortfall by drawing under based on our performance of certain sustainability performance targets.
committed credit facilities that are currently in place or through new
facilities to the extent available.
135
The securitization program is recorded as a floating rate revolving loan The lenders have no further claim on our other assets if customers do
secured by certain receivables. We continue to service trade receivables not pay the amounts owed.
and wireless device financing plan receivables under the securitization As of December 31, 2023, the balance of loans secured by receivables
program, which matures in July 2025 unless previously terminated. was $1.2 billion in U.S. dollars ($1.6 billion in Canadian dollars) and
The lenders’ interest in the collection of these receivables ranks ahead the total receivable balance collateralized under the program was
of our interests, which means that we are exposed to certain risks of $3.3 billion. The foreign currency risk on these loans is managed using
default on the amounts securitized. foreign currency forward contracts. See section 6.5, Financial risk
We have provided various credit enhancements in the form of management in this MD&A for additional details.
overcollateralization and subordination of our retained interests.
Credit facilities
The table below is a summary of our total bank credit facilities at December 31, 2023.
Total Letters Commercial paper Net
December 31, 2023 available Drawn of credit outstanding available
Committed credit facilities

Unsecured revolving and expansion credit facilities (1) (2) 3,500 – – 197 3,303
Unsecured non-revolving credit facilities (3) 641 – – – 641
Other 106 – 81 – 25
Total committed credit facilities 4,247 – 81 197 3,969
Non-committed credit facilities

Bell Canada 2,159 – 862 – 1,297
Bell Mobility 794 476 – – 318
Total non-committed credit facilities 2,953 476 862 – 1,615
Total committed and non-committed credit facilities 7,200 476 943 197 5,584
(1) Bell Canada’s $2.5 billion committed revolving credit facility expires in May 2028 and its $1 billion committed expansion credit facility expires in May 2026. In 2022, Bell Canada converted
its committed credit facilities into a sustainability-linked loan. The amendment introduces a borrowing cost that varies based on our performance of certain sustainability performance
targets.
(2) As of December 31, 2023, Bell Canada’s outstanding commercial paper included $149 million in U.S. dollars ($197 million in Canadian dollars). All of Bell Canada’s commercial paper outstanding
is included in Debt due within one year.
(3) In 2022, Bell Canada entered into two 30-year senior unsecured non-revolving credit facilities in the aggregate principal amount of up to $647 million to partly fund the expansion of its
broadband networks as part of government subsidy programs. In 2023, the maximum aggregate principal amount of such credit facilities was decreased to $641 million.
6
Bell Canada may issue notes under its Canadian and U.S. commercial requests may be made until April 30, 2024, with each loan having a
paper programs up to the maximum aggregate principal amount of term of up to 24 months. The loan agreement has been hedged for
$3 billion in either Canadian or U.S. currency provided that at no time foreign currency fluctuations.
shall such maximum amount of notes exceed $3.5 billion in Canadian Some of our credit agreements require us to meet specific financial
currency, which equals the aggregate amount available under Bell ratios and to offer to repay and cancel the credit agreement upon a
Canada’s committed supporting revolving and expansion credit facilities change of control of BCE or Bell Canada. In addition, some of our debt
as at December 31, 2023. The total amount of the net available committed agreements require us to make an offer to repurchase certain series
revolving and expansion credit facilities may be drawn at any time. of debt securities upon the occurrence of a change of control event as
In 2023, Bell Mobility entered into a $600 million U.S. dollar uncommitted defined in the relevant debt agreements. We are in compliance with all
trade loan agreement to finance certain purchase obligations. Loan conditions and restrictions under such agreements.
Cash requirements
Capital expenditures from valuations of our plan assets and liabilities, depend on a number
In 2024, our planned capital spending will be focused on our strategic of factors, including actual returns on post-employment benefit plan
imperatives, reflecting an appropriate level of investment in our networks assets, long-term interest rates, plan demographics, and applicable
and services with a rollback of our fibre network expansion as a result regulations and actuarial standards. Actuarial valuations were last
of federal government policies and the CRTC’s decision in November performed for our significant post-employment benefit plans as at
2023 to mandate wholesale access to Bell’s FTTP network. December 31, 2022.
We expect to contribute approximately $45 million to our DB pension
Post-employment benefit plans funding plans in 2024, subject to actuarial valuations being completed. We expect
Our post-employment benefit plans include DB pension and DC pension to contribute approximately $10 million to the DC pension plans and to
plans, as well as other post-employment benefits (OPEBs) plans. The pay approximately $60 million to beneficiaries under OPEB plans in 2024.
funding requirements of our post-employment benefit plans, resulting

Dividend payments
In 2024, the cash dividends to be paid on BCE’s common shares are expected to be higher than in 2023 as BCE’s annual common share dividend
increased by 3.1% to $3.99 per common share from $3.87 per common share effective with the dividend payable on April 15, 2024. The declaration
of dividends is subject to the discretion of the BCE Board.
Contractual obligations
The following table is a summary of our contractual obligations at December 31, 2023 that are due in each of the next five years and thereafter.
At December 31, 2023 2024 2025 2026 2027 2028 Thereafter Total
Recognized financial liabilities

Total debt, excluding lease liabilities 2,172 2,690 1,609 1,742 2,120 19,337 29,670
Notes payable 207 – – – – – 207
Lease liabilities (1) 1,245 1,034 673 403 334 2,041 5,730
Loan secured by receivables 1,588 – – – – – 1,588
Interest payable on long-term debt, notes
payable and loan secured by receivables 1,301 1,133 1,060 1,019 962 10,548 16,023
Net (receipts) payments on cross currency
interest rate swaps (6) 18 (5) (11) (9) (70) (83)
Commitments

Commitments for property, plant
and equipment and intangible assets 2,043 1,513 599 316 246 1,041 5,758
Purchase obligations 619 513 537 314 219 820 3,022
Planned acquisition of OUTFRONT Media Inc. 410 – – – – – 410
Leases committed not yet commenced 2 6 – – – – 8
Total 9,581 6,907 4,473 3,783 3,872 33,717 62,333
(1) Includes imputed interest of $873 million.
We are also exposed to liquidity risk for financial liabilities due within digital media strategy and to deliver impactful, multi-channel marketing
one year as shown in the statements of financial position in BCE’s 2023 solutions coast-to-coast. The results of the Canadian OOH business
consolidated financial statements. of OUTFRONT Media Inc. will be included in our Bell Media segment.
Our commitments for property, plant and equipment and intangible
Indemnifications and guarantees
6
assets include program and feature film rights and investments to
As a regular part of our business, we enter into agreements that provide
expand and update our networks to meet customer demand.
for indemnifications and guarantees to counterparties in transactions
Purchase obligations consist of contractual obligations under service involving business dispositions, sales of assets, sales of services,
and product contracts for operating expenditures and other purchase purchases and development of assets, securitization agreements and
obligations. leases. While some of the agreements specify a maximum potential
Our commitments for leases not yet commenced include real estate, exposure, many do not specify a maximum amount or termination date.
OOH advertising spaces and fibre use. These leases are non-cancellable. We cannot reasonably estimate the maximum potential amount we
On October 23, 2023, Bell Media announced it plans to acquire the could be required to pay counterparties because of the nature of almost
Canadian OOH media business of OUTFRONT Media Inc. The transaction all of these indemnifications and guarantees. As a result, we cannot
is valued at $410 million, subject to certain adjustments, and is expected determine how they could affect our future liquidity, capital resources
to close in the first half of 2024, subject to regulatory approval and or credit risk profile. We have not made any significant payments under
other closing conditions. The acquisition of the Canadian OOH media indemnifications or guarantees in the past.
business of OUTFRONT Media Inc. is expected to support Bell Media’s
6.8 Litigation
In the ordinary course of business, we become involved in various claims merits of the claims and legal proceedings pending at March 7, 2024,
and legal proceedings seeking monetary damages and other relief. In management believes that the ultimate resolution of these claims and
particular, because of the nature of our consumer-facing business, we legal proceedings is unlikely to have a material and negative effect on
are exposed to class actions pursuant to which substantial monetary our financial statements or operations. We believe that we have strong
damages may be claimed. Due to the inherent risks and uncertainties defences and we intend to vigorously defend our positions.
of the litigation process, we cannot predict the final outcome or timing For a description of important legal proceedings pending at March 7,
of claims and legal proceedings. Subject to the foregoing, and based on 2024, please see the section entitled Legal proceedings contained in
information currently available and management’s assessment of the the BCE 2023 AIF.
137
7 Selected annual and
quarterly information
7.1 Annual financial information
The following table shows selected consolidated financial data of BCE for 2023, 2022 and 2021 based on the annual consolidated financial
statements, which are prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting
Standards Board (IASB). We discuss the factors that caused our results to vary over the past two years throughout this MD&A.
2023 2022 2021
Consolidated income statements

Operating revenues
Service 21,154 20,956 20,350
Product 3,519 3,218 3,099
MD&A Selected annual and quarterly information
Total operating revenues 24,673 24,174 23,449

Operating costs (14,256) (13,975) (13,556)
Adjusted EBITDA 10,417 10,199 9,893

Severance, acquisition and other costs (200) (94) (209)
Depreciation (3,745) (3,660) (3,627)
Amortization (1,173) (1,063) (982)
Finance costs
Interest expense (1,475) (1,146) (1,082)
Net return (interest) on post-employment benefit obligations 108 51 (20)
Impairment of assets (143) (279) (197)
Other (expense) income (466) (115) 160
Income taxes (996) (967) (1,044)
Net earnings 2,327 2,926 2,892

7
Common shareholders 2,076 2,716 2,709

Preferred shareholders 187 152 131
Non-controlling interest 64 58 52
Net earnings 2,327 2,926 2,892
Net earnings per common share – basic and diluted 2.28 2.98 2.99
Ratios
Adjusted EBITDA margin (%) 42.2% 42.2% 42.2%

2023 2022 2021
Consolidated statements of financial position

Property, plant and equipment 30,352 29,256 28,235
Total assets 71,940 69,329 66,764
Debt due within one year (including notes payable and loans secured by receivables) 5,042 4,137 2,625
Long-term debt 31,135 27,783 27,048
Total non-current liabilities 39,276 35,345 34,710
Equity attributable to BCE shareholders 20,229 22,178 22,635
Total equity 20,557 22,515 22,941
Consolidated statements of cash flows

Cash flows from operating activities 7,946 8,365 8,008
Cash flows used in investing activities (5,781) (5,517) (7,018)
Capital expenditures (4,581) (5,133) (4,852)
Short-term investments (1,000) – –
Business acquisitions (222) (429) (12)
Business dispositions 209 52 –
Spectrum licences (183) (3) (2,082)

Cash flows used in financing activities (1,542) (2,988) (925)
Issue of common shares 18 171 261
(Decrease) increase in notes payable (646) 111 351
Increase (decrease) in securitized receivables – 700 (150)
Issue of long-term debt 5,195 1,951 4,985
Repayment of long-term debt (1,858) (2,023) (2,751)
Repurchase of a financial liability (149) – –
Cash dividends paid on common shares (3,486) (3,312) (3,132)
Cash dividends paid on preferred shares (182) (136) (125)
Cash dividends paid by subsidiaries to non-controlling interest (47) (39) (86)
Free cash flow 3,144 3,067 2,980
Share information
Weighted average number of common shares (millions) 912.2 911.5 906.3
Common shares outstanding at end of year (millions) 912.3 912.0 909.0
7
Market capitalization (1) 47,595 54,255 59,821
Dividends declared per common share (dollars) 3.87 3.68 3.50
Dividends declared on common shares (3,530) (3,356) (3,175)
Dividends declared on preferred shares (187) (152) (131)
Closing market price per common share (dollars) 52.17 59.49 65.81
Total shareholder return (6.2%) (4.2%) 27.9%
Ratios
Capital intensity (%) 18.6% 21.2% 20.7%
Price to earnings ratio (times) (2) 22.88 19.96 22.01
Other data
Number of employees (thousands) 45 45 50
(1) BCE’s common share price at the end of the year multiplied by the number of common shares outstanding at the end of the year.
(2) Price to earnings ratio is defined as BCE’s common share price at the end of the year divided by EPS.
139
7.2 Quarterly financial information
The following table shows selected BCE consolidated financial data by quarter for 2023 and 2022. This quarterly information is unaudited but
has been prepared on the same basis as the annual consolidated financial statements. We discuss the factors that caused our results to vary
over the past eight quarters throughout this MD&A.
2023 2022
Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
Operating revenues
Service 5,348 5,281 5,303 5,222 5,353 5,193 5,233 5,177
Product 1,125 799 763 832 1,086 831 628 673
Total operating revenues 6,473 6,080 6,066 6,054 6,439 6,024 5,861 5,850
Adjusted EBITDA 2,567 2,667 2,645 2,538 2,437 2,588 2,590 2,584
Severance, acquisition and other costs (41) (10) (100) (49) (19) (22) (40) (13)
Depreciation (954) (937) (936) (918) (922) (914) (933) (891)
Amortization (299) (295) (296) (283) (270) (267) (266) (260)
Finance costs
Interest expense (399) (373) (359) (344) (319) (298) (269) (260)
Net return on post-employment benefit plans 27 27 27 27 13 13 7 18

Impairment of assets (109) – – (34) (150) (21) (106) (2)
Other (expense) income (147) (129) (311) 121 19 (130) (97) 93
Income taxes (210) (243) (273) (270) (222) (178) (232) (335)
Net earnings 435 707 397 788 567 771 654 934
Net earnings attributable to common shareholders 382 640 329 725 528 715 596 877
Net earnings per common share – basic and diluted 0.42 0.70 0.37 0.79 0.58 0.78 0.66 0.96
Weighted average number of common shares

outstanding – basic (millions) 912.3 912.3 912.2 912.1 912.0 911.9 911.9 910.1
Other information
Cash flows from operating activities 2,373 1,961 2,365 1,247 2,056 1,996 2,597 1,716
Free cash flow 1,289 754 1,016 85 376 642 1,333 716
Capital expenditures (1,029) (1,159) (1,307) (1,086) (1,638) (1,317) (1,219) (959)
7
Fourth quarter highlights

Operating revenues Q4 2023 Q4 2022 $ change % change
Bell CTS 5,744 5,649 95 1.7%

Bell Media 822 889 (67) (7.5%)
Inter-segment eliminations (93) (99) 6 6.1%
Total BCE operating revenues 6,473 6,439 34 0.5%
Adjusted EBITDA Q4 2023 Q4 2022 $ change % change
Bell CTS 2,419 2,308 111 4.8%

Bell Media 148 129 19 14.7%
Total BCE adjusted EBITDA 2,567 2,437 130 5.3%

Total operating revenues at BCE increased by 0.5% in Q4 2023, Bell Media operating revenues decreased by 7.5% in Q4 2023, compared
compared to Q4 2022, driven by higher product revenues of 3.6%, to the same period last year, driven by lower advertising revenues, partly
moderated by a modest decline in service revenues of 0.1%, as the offset by higher subscriber revenues. The continued growth in digital
decline in Bell Media revenues was mostly offset by the growth in Bell revenues of 27% moderated the overall decline in operating revenues.
CTS service revenues. Bell CTS operating revenues increased by 1.7% Advertising revenues decreased by 13.7% in Q4 2023, compared to
year over year, attributable to both higher service revenues of 1.2% Q4 2022, due to lower demand from advertisers as a result of ongoing
and greater product revenues of 3.6%. The year-over-year growth in unfavourable economic conditions, which negatively impacted revenues
service revenues reflected greater wireless and wireline data revenues, across our TV and radio platforms. TV advertising revenues were also
moderated by ongoing declines in voice revenues. Bell Media operating unfavourably impacted by the WGA and SAG-AFTRA strikes and the
revenues declined by 7.5% year over year, driven by ongoing pressures benefit last year from the broadcast of the FIFA World Cup Qatar 2022.
in advertising revenues. The decline in advertising revenues was partly offset by continued
growth in digital advertising revenues, mainly driven by increased
BCE net earnings decreased by 23.3% in Q4 2023, compared to
bookings from Bell Media’s SAM TV media sales tool. Subscriber revenues
Q4 2022, mainly due to higher other expense, higher interest expense,
increased by 1.0% in Q4 2023, compared to the same period last year,
higher depreciation and amortization and higher severance, acquisition
due to a one-time retroactive adjustment related to a contract with a
and other costs, partly offset by higher adjusted EBITDA and lower
Canadian TV distributor.
impairment of assets.
Bell Media adjusted EBITDA increased by 14.7% in Q4 2023, compared
BCE’s adjusted EBITDA increased by 5.3% in Q4 2023, compared to the
to the same period last year, as lower operating costs more than
same period last year, due to growth from both our Bell CTS and Bell
offset the decline in operating revenues. The decrease in operating

Media segments of 4.8% and 14.7%, respectively. The year-over-year
costs was mainly attributable to lower content and programming
increase in adjusted EBITDA reflected the flow-through of revenues,
costs due to higher costs in Q4 2022 related to the broadcast of the
along with lower operating costs of 2.4%, mainly driven by Bell Media
FIFA World Cup Qatar 2022, and content delays in Q4 2023 due to the
programming and content savings and the impact of various cost
WGA and SAG-AFTRA strikes, partly offset by ongoing contractual
reduction initiatives and operating efficiencies across the company.
increases in content costs. Additionally, the year-over-year decline
This resulted in a year-over-year increase in adjusted EBITDA margin
in operating costs reflected lower labour costs due to restructuring
of 1.9 pts, to 39.7% in Q4 2023.
initiatives undertaken as a result of the unfavourable economic and
Bell CTS operating revenues grew by 1.7% in Q4 2023, compared to broadcasting regulatory environments and the cessation of the CRTC
the same period last year, driven by higher service revenues of 1.2% Part II broadcasting licence fee.
from ongoing growth in our mobile phone, connected device, Internet
BCE capital expenditures of $1,029 million in Q4 2023, declined by
and IPTV subscriber bases coupled with the flow-through of consumer
$609 million or 37.2%, compared to the same period last year. This
rate increases, the contribution from acquisitions, mainly Distributel
corresponded to a capital intensity ratio of 15.9%, down 9.5 pts over
and FX Innovation, greater wireless roaming revenues and higher sales
Q4 2022. The decrease in capital expenditures was driven by lower
of business solutions services to large enterprise customers. This was
capital spending in Bell CTS of $584 million, due to lower planned
moderated by increased acquisition, retention and bundle discounts on
spending in 2023 subsequent to accelerated network investments in
residential services, ongoing erosion in legacy voice, data and satellite TV
7
2022, along with an unplanned additional $105 million decrease in Q4
services and lower wireless data overages driven by greater customer
2023 as a result of the CRTC’s decision in November 2023 to mandate
adoption of monthly plans with higher data thresholds. Additionally,
wholesale access to Bell’s FTTP network. Bell Media capital expenditures
product revenues increased by 3.6% year over year, mainly driven by
in Q4 2023 also declined year-over-year by $25 million, due to greater
higher wireless product revenues due to greater sales mix of premium
spending in Q4 2022 on studio expansions and timing of investments
mobile phones and lower year-over-year device discounting during
to support digital growth.
the Black Friday and December holiday periods, moderated by lower
contracted sales volumes and reduced consumer electronic sales at BCE severance, acquisition and other costs of $41 million in Q4 2023
The Source. increased by $22 million, compared to Q4 2022, mainly due to higher
acquisition and other costs, partly offset by lower severance costs
Bell CTS adjusted EBITDA increased by 4.8% in Q4 2023, compared
related to involuntary and voluntary employee terminations.
to Q4 2022, from greater year-over-year operating revenues, along
with lower operating costs. The decline in operating costs of 0.5% BCE depreciation of $954 million in Q4 2023 increased by $32 million,
reflected various cost reduction initiatives and operating efficiencies, year over year, mainly due to a higher asset base as we continued to
including workforce reductions. Adjusted EBITDA margin of 42.1% in invest in our broadband and wireless networks.
Q4 2023, increased by 1.2 points over Q4 2022, mainly due to the BCE amortization of $299 million in Q4 2023 increased by $29 million,
impact of better promotional offer discipline during the Black Friday year over year, mainly due to a higher asset base.
and December holiday sales periods this year compared to 2022, as
well as higher year-over-year revenue flow-through and greater BCE interest expense of $399 million in Q4 2023 increased by
operating cost savings. $80 million, compared to Q4 2022, mainly due to higher average debt
balances and higher average interest rates.
BCE impairment of assets of $109 million in Q4 2023 decreased by
$41 million, compared to Q4 2022, mainly due to lower impairment
charges for French TV channels within our Bell Media segment.
141
BCE other expense of $147 million in Q4 2023 increased by $166 million, and other costs, partly offset by higher adjusted EBITDA and lower
year over year, mainly due to losses on our equity investments in impairment of assets. Adjusted net earnings increased to $691 million
associates and joint ventures which included a loss on BCE’s share of in Q4 2023, compared to $654 million in Q4 2022, and adjusted EPS
an obligation to repurchase at fair value the minority interest in one of increased to $0.76 from $0.71 in Q4 2022.
BCE’s joint ventures, partly offset by higher interest income. BCE cash flows from operating activities was $2,373 million in
BCE income taxes of $210 million in Q4 2023 decreased by $12 million, Q4 2023 compared to $2,056 million in Q4 2022. The increase was
compared to Q4 2022, mainly due to a higher value of uncertain tax mainly attributed to lower income taxes paid, higher cash from working
positions favourably resolved in 2023 compared to 2022, partly offset capital and higher adjusted EBITDA, partly offset by higher interest paid.
by higher taxable income. BCE free cash flow generated in Q4 2023 was $1,289 million, compared
BCE net earnings attributable to common shareholders of $382 million to $376 million in Q4 2022. The increase was mainly attributable to lower
in Q4 2023, or $0.42 per share, were lower than the $528 million, or capital expenditures and higher cash flows from operating activities,
$0.58 per share, reported in Q4 2022. The year-over-year decrease excluding acquisition and other costs paid.
was mainly due to higher other expense, higher interest expense,
higher depreciation and amortization and higher severance, acquisition
Seasonality considerations
Some of our revenues and expenses vary slightly by season, which Wireline service and product revenues tend to be higher in the fourth
may impact quarter-to-quarter financial results. quarter because of historically higher data and equipment product
sales to business customers. However, this may vary from year to
Wireless service and product revenues are influenced by the timing of
year depending on the strength of the economy and the presence
new mobile device launches and seasonal promotional periods, such as
of targeted sales initiatives, which can influence customer spending.
back-to-school, Black Friday and the Christmas holiday period, as well
Home Phone, TV and Internet subscriber activity is subject to modest
as the level of overall competitive intensity. Because of these seasonal
seasonal fluctuations, attributable largely to residential moves during
effects, subscriber additions and retention costs due to device upgrades
the summer months and the back-to-school period in the third quarter.
related to contract renewals are typically higher in the third and fourth
Targeted marketing efforts conducted during various times of the year to
quarters. For ARPU, historically we have experienced seasonal sequential
coincide with special events or broad-based marketing campaigns also
increases in the second and third quarters, due to higher levels of usage
may have an impact on overall wireline service and product revenues.
and roaming in the spring and summer months, followed by historical
seasonal sequential declines in the fourth and first quarters. However, Bell Media revenue and related expenses from TV and radio broadcasting
this seasonal effect on ARPU has moderated, as unlimited voice and are largely derived from the sale of advertising, the demand for which
data options have become more prevalent, resulting in less variability is affected by prevailing economic conditions as well as cyclical and
in chargeable data usage. seasonal variations. Seasonal variations in TV are driven by the strength
of TV ratings, particularly during the fall programming season, major
sports league seasons and other special sporting events such as the
7
Olympic Games, National Hockey League (NHL) and NBA playoffs

and FIFA World Cup soccer, as well as fluctuations in consumer retail
activity during the year.

8 Regulatory environment
8.1 Introduction
This section describes certain legislation that governs our business and competitors to our wireline and wireless networks and the rates we
provides highlights of recent regulatory initiatives and proceedings, can charge them. Notably, it currently mandates wholesale high-speed
government consultations and government positions that affect us, access for wireline broadband as well as domestic wireless roaming
influence our business and may continue to affect our ability to compete services and a wholesale facilities-based MVNO access service. Lower
in the marketplace. Bell Canada and several of its direct and indirect mandated wholesale rates or the imposition of unfavourable terms
subsidiaries, including Bell Mobility, Bell ExpressVu Limited Partnership for mandated services would undermine our incentives to invest in
(ExpressVu), Bell Media, NorthernTel, Limited Partnership (NorthernTel), network improvements and extensions, limit our flexibility, influence the
Télébec, Limited Partnership (Télébec), Group Maskatel Québec LP market structure, improve the business position of our competitors, limit
(Maskatel) and Northwestel, are governed by the Telecommunications network-based differentiation of our services and negatively impact
Act, the Broadcasting Act, the Radiocommunication Act and/or the the financial performance of our businesses. Our TV distribution and our
Bell Canada Act. Our business is affected by regulations, policies and TV and radio broadcasting businesses are subject to the Broadcasting
decisions made by various regulatory agencies, including the CRTC, a Act and are, for the most part, not subject to retail price regulation.
quasi-judicial agency of the Government of Canada responsible for Although most of our retail services are not price-regulated, government
regulating Canada’s telecommunications and broadcasting industries, agencies and departments such as the CRTC, ISED, Canadian Heritage
and other federal government departments, in particular ISED and the and the Competition Bureau continue to play a significant role in
Competition Bureau. regulatory matters such as establishing and modifying regulations for
In particular, the CRTC regulates the prices we can charge for retail mandatory access to networks, spectrum auctions, the imposition of
telecommunications services when it determines there is not enough consumer-related codes of conduct, approval of acquisitions, broadcast
competition to protect the interests of consumers. The CRTC has and spectrum licensing, foreign ownership requirements, privacy and
determined that competition is sufficient to grant forbearance from cybersecurity obligations, and control of copyright piracy. Adverse
MD&A Regulatory environment

retail price regulation under the Telecommunications Act for the decisions by governments or regulatory agencies, increasing regulation
vast majority of our retail wireline and wireless telecommunications or a lack of effective anti-piracy remedies could have negative financial,
services. The CRTC can also mandate the provision of access by operational, reputational or competitive consequences for our business.
8.2 Telecommunications Act

The Telecommunications Act governs telecommunications in Canada. as MVNOs in ISED Tier 4 spectrum licence areas where they own
It defines the broad objectives of Canada’s telecommunications policy spectrum. While the terms and conditions for MVNO access would be
and provides the Government of Canada with the power to give general established in tariffs to be approved by the CRTC, the rate for MVNO
8
direction to the CRTC on any of its policy objectives. It applies to several access would not be subject to the CRTC tariff regime but instead be
of the BCE group of companies and partnerships, including Bell Canada, commercially negotiated between the parties with final offer arbitration
Bell Mobility, NorthernTel, Télébec, Maskatel and Northwestel. (FOA) by the CRTC as a recourse if negotiations fail. The CRTC indicated
that the mandated access service is intended to be a temporary
Under the Telecommunications Act, all facilities-based telecommuni-
measure and will, in the absence of certain implementation delays, be
cations service providers in Canada, known as telecommunications
phased out seven years from the date tariffed terms and conditions
common carriers (TCCs), must seek regulatory approval for all telecom-
are finalized. In the decision, the CRTC has also required Bell Mobility,
munications services, unless the services are exempt or forborne from
Rogers Communications Canada Inc. and Telus Communications Inc.
regulation. Most retail services offered by the BCE group of companies
to provide seamless handoffs as part of the CRTC’s existing mandated
are forborne from retail regulation. The CRTC may exempt an entire
domestic roaming service and has confirmed that its mandatory
class of carriers from regulation under the Telecommunications Act if
roaming obligations apply to 5G. On July 14, 2021, Bell Mobility, Rogers
the exemption meets the objectives of Canada’s telecommunications
Communications Canada Inc., Telus Communications Inc. and SaskTel
policy. In addition, a few large TCCs, including those in the BCE group,
filed proposed tariff terms and conditions for the mandated MVNO
must also meet certain Canadian ownership requirements. BCE monitors
access service and Bell Mobility, Rogers Communications Canada Inc.
and periodically reports on the level of non-Canadian ownership of its
and Telus Communications Inc. filed proposed amendments to their
common shares.
mandated roaming tariffs to reflect the CRTC’s determinations. On
Review of mobile wireless services April 6, 2022, the CRTC issued a decision on the mandated roaming
tariffs in which it directed Bell Mobility, Rogers Communications Canada
On April 15, 2021, the CRTC released a decision requiring Bell Mobility,
Inc. and Telus Communications Inc. to make specified changes to their
Rogers Communications Canada Inc., Telus Communications Inc. and
tariffs by April 21, 2022, for CRTC approval.
Saskatchewan Telecommunications (SaskTel) to provide MVNO access
to their networks to regional wireless carriers to allow them to operate
143
On October 19, 2022, the CRTC issued a decision in which it made certain The August 2019 decision was stayed, first by the Federal Court of
determinations regarding the terms and conditions of the proposed Appeal and then by the CRTC, with the result that it never came into
MVNO tariffs previously filed by Bell Mobility, Rogers Communications effect. In response to review and vary applications filed by each of Bell
Canada Inc., Telus Communications Inc. and SaskTel, and directed them Canada, five major cable carriers (Cogeco Communications Inc., Eastlink,
to file revised tariffs reflecting these determinations within 30 days. In Rogers Communications Canada Inc., Shaw and Vidéotron) and Telus
the decision, the CRTC directed Bell Mobility, Rogers Communications Communications Inc., the CRTC issued Decision 2021-182 on May 27,
Canada Inc., Telus Communications Inc. and SaskTel to offer MVNO 2021, which mostly reinstated the rates prevailing prior to August 2019
access service to regional carriers with a home radio access network with some reductions to the Bell Canada rates with retroactive effect
(RAN) and core network actively offering mobile wireless services to March 2016. As a result, in the second quarter of 2021, we recorded
commercially to retail customers in Canada, and confirmed that similar a reduction in revenue of $44 million in our consolidated income
terms and conditions related to seamless handoffs and 5G in the statements.
domestic roaming tariffs should apply to the mandated MVNO tariffs. While there remains a requirement to refund monies to third-party
The CRTC required Bell Mobility, Rogers Communications Canada Inc., Internet resellers, the establishment of final wholesale rates that
Telus Communications Inc. and SaskTel to begin accepting requests are similar to those prevailing since 2019 reduces the impact of the
for MVNO access from regional wireless carriers from the date of the CRTC’s long-running review of wholesale Internet rates. The largest
decision. Bell Mobility is required to provide access to the mandated reseller, TekSavvy Solutions Inc. (TekSavvy), obtained leave to appeal
MVNO service in all provinces (excluding Saskatchewan) and in the three the CRTC’s decision of May 27, 2021 before the Federal Court of Appeal.
territories. It is unclear at this time what impact, if any, the measures Oral hearings are now complete and we are awaiting a decision of the
set out in this decision could have on our business and financial results, court. The decision was also challenged in three petitions brought by
and our ability to make investments at the same levels as we have in TekSavvy, Canadian Network Operators Consortium Inc. and National
the past. In Q3 2023, we began providing MVNO access service on Capital Freenet before Cabinet but, on May 26, 2022, Cabinet announced
Bell Mobility’s network in certain regions and expect that use of the it would not alter the decision.
service on our network by our wholesale customers will continue to
expand in the future. Review of the wholesale high-speed access
On July 13, 2023, the CRTC accepted a request from Québecor Media Inc. service framework
to initiate FOA in respect of rates for MVNO access service from Bell On March 8, 2023, the CRTC launched a consultation, TNC 2023-56,
Mobility. Following the parties’ submissions in August 2023, the CRTC to review the wholesale high-speed access framework. The CRTC
issued a decision on October 10, 2023, selecting the rate proposed by expressed the preliminary views that (i) the provision of aggregated
Bell Mobility. On December 15, 2023, Québecor Media Inc. subsequently wholesale high-speed access services should be mandated, including
filed a Part 1 application seeking the CRTC’s intervention in determining over FTTP facilities, and (ii) aggregated access to FTTP facilities should be
the start date for the MVNO access service from Bell Mobility. Bell Mobility mandated on a temporary and expedited basis, until the CRTC reaches
filed its responding submission on January 19, 2024. a decision as to whether such access is to be provided indefinitely.
The CRTC previously accepted a joint request for FOA from Rogers The review is also notably seeking comments on (i) the future of
Communications Canada Inc. and Québecor Media Inc. On July 24, disaggregated high-speed access services, (ii) the state of competition
2023, the CRTC issued its decision in that arbitration, selecting the rate in the retail Internet service market, (iii) whether other changes are
proposed by Québecor Media Inc. In the decision, the CRTC made a required to support wholesale-based competition across all regions
number of findings or determinations that indicate a continued trend of the country, (iv) whether wholesale regulation should continue to
8
toward downplaying the importance of incentives for investment in be relied upon to address concerns regarding market concentration
telecommunications networks in Canada. While the CRTC’s determination and the potential exercise of market power, and (v) whether the CRTC
in Bell Mobility’s FOA with Québecor Media Inc appears to have should consider any type of retail regulation.
moderated this approach by highlighting the importance of providing On November 6, 2023, in Telecom Decision CRTC 2023-358 (the Decision),
a return on investment to facilities-based carriers, adverse regulatory the CRTC determined that aggregated access to Bell Canada’s FTTP
decisions such as the Rogers Communications Canada Inc. and Québecor facilities in Ontario and Québec should be mandated on a temporary
Media Inc FOA decision are expected to impact the specific nature, and expedited basis, and the CRTC set interim access rates. The CRTC
magnitude, location and timing of our future wireless and wireline may maintain, reverse or otherwise modify this new obligation when
investment decisions. On August 23, 2023, Rogers Communications it concludes its ongoing wholesale high-speed access review.
Canada Inc. sought leave to appeal the CRTC’s arbitration decision with
the Federal Court of Appeal. The imposition of an interim aggregated access to FTTP facilities
obligation has undermined Bell Canada’s incentives to invest in next-
Review of wholesale FTTN high-speed access generation wireline networks and is expected to adversely impact our
service rates financial results. Bell Canada announced its intention to reduce capital
As part of its ongoing review of wholesale Internet rates, on October 6, expenditures by over $1 billion over 2024 and 2025 combined, including
2016, the CRTC significantly reduced, on an interim basis, some of the a minimum of $500 million in 2024, and roll back fibre network expansion
wholesale rates that Bell Canada and other major providers charge for to a near-term target of 8.3 million locations by the end of 2025 as a
access by third-party Internet resellers to FTTN or cable networks, as result of federal government policies and the Decision. Bell Canada is
applicable. On August 15, 2019, the CRTC further reduced the wholesale also capping fibre speeds at 3 Gbps. In Q4 2023, Bell Canada reduced
rates that Internet resellers pay to access network infrastructure built its capital investment by $105 million more than originally planned as
by facilities-based providers like Bell Canada, with retroactive effect a result of the Decision.
to March 2016.

On November 15, 2023, Bell Canada sought leave to appeal the Decision the circumstances under which pole owners may obtain priority access
to the Federal Court of Appeal, along with a stay of the Decision pending to poles or reserve capacity for their future use on poles; and imposes
resolution of its appeal. On February 9, 2024, the Federal Court of new notification and reporting obligations on pole owners. On April 3,
Appeal granted Bell Canada leave to appeal but declined to grant the 2023, large ILECs, including Bell Canada, updated their applicable
requested stay. On February 2, 2024, Bell Canada filed an appeal to tariffs to incorporate the new determinations and are awaiting the
the Governor-in-Council. CRTC’s approval.
Additionally, on February 1, 2024, CIK Telecom filed an application with On October 16, 2023, Bell Canada filed Tariff Notice 981 to revise the
the CRTC asking that the CRTC clarify or vary the intended scope of tariff pages for its National Services Tariff (NST) CRTC 7400 Item 901 –
the Decision to: (1) prevent Bell Canada, Rogers Communications Inc., Support Structure Service to reflect an updated monthly pole rental
Québecor Media Inc. and Telus Communications Inc. from accessing rate per unit applicable in its Ontario and Québec serving area, and is
aggregated FTTP facilities pursuant to the Decision, and (2) lower the awaiting the CRTC’s decision on this application.
interim rates set in the Decision. In a letter dated March 5, 2024, the
CRTC stated that the changes CIK Telecom sought will be considered Bill C-26, An Act Respecting Cyber Security
in the final decision and thus closed the application. On June 14, 2022, the Government of Canada introduced Bill C-26, An Act
Respecting Cyber Security (ARCS). ARCS would enact the Critical Cyber
Review of the CRTC’s regulatory framework Systems Protection Act, which would establish a regulatory framework
for Northwestel requiring designated operators in the finance, telecommunications,
On June 8, 2022, the CRTC launched the second phase of a proceeding energy and transportation sectors to protect their critical cyber
to review the regulatory framework for Northwestel and the state systems. Also included in Bill C-26 are proposed changes to the
of telecommunications services in Canada’s North. This proceeding Telecommunications Act that would establish new authorities that would
may result in modifications to the current regulatory framework for enable the Government to take action to promote the security of the
Northwestel, including with respect to issues such as rates, wholesale Canadian telecommunications system, which could include measures
access and subsidies. Modifications to the current regulatory framework with respect to certain suppliers, such as Huawei and ZTE. If enacted,
may result in additional subsidies and rate flexibility for Northwestel, Bill C-26 would give the Minister responsible for ISED additional order-
which would encourage investment, or they may result in rate reductions/ making powers and establish an enforcement regime under which the
restrictions or additional wholesale obligations, which would undermine Minister responsible for ISED could impose administrative monetary
incentives for investment in the North. At this time, it is unclear what penalties, among other actions. It is unclear at this time what impact

impact, if any, the results of the proceeding could have on our business the legislative changes could have on our business and financial results.
and financial results.
Canada’s telecommunications foreign
CRTC review of access to poles ownership rules
On February 15, 2023, the CRTC issued a decision which included a Under the Telecommunications Act, there are no foreign investment
number of determinations to facilitate access by third parties to poles restrictions applicable to TCCs that have less than a 10% share of the total
owned by Canadian carriers or poles to which Canadian carriers control Canadian telecommunications market as measured by annual revenues.
access. Among other directions, the CRTC’s decision: establishes new However, foreign investment in telecommunications companies can still
timelines for each step in the pole access permitting process; reduces be refused by the government under the Investment Canada Act. The
the obligations of access seekers to pay costs for any pole repairs, absence of foreign ownership restrictions on such small or new entrant
8
upgrades or replacements required to accommodate the addition of TCCs could result in more foreign companies entering the Canadian
the access seeker’s equipment; provides access seekers with greater market, including by acquiring spectrum licences or Canadian TCCs.
flexibility to carry out pole repairs and upgrades themselves; maintains
8.3 Broadcasting Act

The Broadcasting Act outlines the broad objectives of Canada’s also meet certain Canadian ownership and control requirements to
broadcasting policy and assigns the regulation and supervision of obtain a programming or distribution licence, and corporations must
the broadcasting system to the CRTC. Key policy objectives of the have the CRTC’s approval before they can transfer effective control of
Broadcasting Act are to protect and strengthen the cultural, political, a broadcasting licensee.
social and economic fabric of Canada and to encourage the development Our TV distribution operations and our TV and radio broadcasting
of Canadian expression. operations are subject to the requirements of the Broadcasting Act, the
Most broadcasting activities require a programming or distribution policies and decisions of the CRTC and their respective broadcasting
licence from the CRTC. The CRTC may exempt broadcasting undertakings licences. Any changes in the Broadcasting Act, amendments to
from complying with certain licensing and regulatory requirements regulations or the adoption of new ones, or amendments to licences,
if it is satisfied that non-compliance will not materially affect the could negatively affect our competitive position or the cost of providing
implementation of Canadian broadcasting policy. A corporation must services.
145
Bill C-11, An Act to amend the Broadcasting Act and Indigenous content. It will also determine who the recipients of the
initial base contributions will be. The CRTC held a three-week hearing
On April 27, 2023, Bill C-11, An Act to amend the Broadcasting Act and to
beginning on November 20, 2023 to focus on these issues. While the
make related and consequential amendments to other Acts, received
CRTC has not yet initiated its public consultations for Steps 2 and 3,
royal assent. Key among the amendments in Bill C-11 is the immediate
these subsequent proceedings will focus on the overall framework
elimination of CRTC Part II Licence Fees whereby the broadcasting
for both traditional and online undertakings, with a focus on how to
industry paid an annual tax of approximately $125 million per year.
support the creation of Canadian and Indigenous content beyond
In addition, foreign online broadcasting undertakings doing business in
financial contribution requirements, as well as diversity, inclusion
Canada will be required to contribute to the Canadian broadcasting
and discoverability issues. In Step 3, the CRTC intends to finalize
system in a manner that the CRTC deems appropriate. The specifics
each undertaking’s or ownership group’s contribution requirements,
of such contributions will be determined through the CRTC’s public
presumably as part of our group licence renewal. The timing and
consultation processes and enforced by way of conditions imposed
outcome of all of these proceedings, including the CRTC’s Step 1 decision,
by the CRTC. The timing and the outcome of the CRTC’s consultation
is unknown. Therefore, the impact that these regulatory changes could
processes, the first stage of which was launched on May 12, 2023 (as
have on our business and financial results is unclear at this time.
discussed under Broadcast Notice of Consultation 2023-138 below)
are unknown; therefore the impact that these regulatory changes
Broadcast Policy Direction
could have on our business and financial results is unclear at this time.
On November 14, 2023, the Government of Canada released its Policy
Broadcast Notice of Consultation CRTC 2023-138 Direction, which directs the CRTC on how to implement the amendments
to the Broadcasting Act (Bill C‑11). The Direction requires the CRTC to focus
On May 12, 2023, the CRTC issued Broadcasting Notice of Consultation
on ensuring strong support for Canadian and Indigenous programming,
CRTC 2023-138, The Path Forward – Working towards a modernized
as well as to consider the importance of sustainable support for local
regulatory framework regarding the contributions to support Canadian
and regional news by the Canadian broadcasting system. In addition,
and Indigenous content. This Notice represents the first of three
the Direction requires the CRTC to minimize the regulatory burden
steps to develop an updated regulatory framework for broadcasting
on the Canadian broadcasting system, and to consider how to foster
undertakings, including online undertakings. A key part of this new
collaboration between Canadian and foreign undertakings. At this
framework is to establish the conditions under which online services
time, it is unclear what impact, if any, the Direction could have on our
would be required to make financial contributions, including initial base
business and financial results.
contributions, to support the creation and discoverability of Canadian
8.4 Radiocommunication Act

ISED regulates the use of radio spectrum under the Radiocommu- Consultation on 26, 28 and 38 GHz (Millimeter
nication Act and Radiocommunication Regulations to ensure that Wave) spectrum licensing framework
radiocommunication in Canada is developed and operated efficiently. On June 6, 2022, ISED initiated a consultation seeking input regarding
All companies wishing to operate radio apparatus in Canada must hold a policy and licensing framework to govern the auction and use of
a radio licence or spectrum licence to do so. The Radiocommunication spectrum licences in the 26, 28 and 38 Gigahertz (GHz) (Millimeter Wave)
Regulations specify those persons (including corporations such as Bell spectrum bands. The consultation paper seeks comments on the use
8
Canada and Bell Mobility) who are eligible to be issued radio licences of a spectrum set-aside for certain auction bidders, or a spectrum cap
or spectrum licences. across the 26, 28 and 38 GHz spectrum bands. ISED proposes that the
auctioned licences will have a 10-year term and that there will be limits
3800 MHz spectrum auction on the extent of transferability of licences for the first five years of the
The auction for licensing 3800 MHz spectrum began on October 24, 2023 licence term. In addition, ISED proposes that licensees will be required
and the provisional spectrum licence winners were announced to deploy a certain number of sites in each licence area at five and nine
by ISED on November 30, 2023. Bell Mobility secured the right to and a half years following licence issuance. ISED has not yet indicated
acquire 939 licences of 3800 MHz spectrum across Canada covering a specific date when the auction will take place. The consultation paper
1.77 billion MHz-Pop for $518 million. As part of this auction, ISED also seeks comments on the transition process for existing 38 GHz
implemented a cross-band spectrum cap (with the 3500 MHz band) of licensees from fixed to flexible use (i.e., mobile or fixed use), as well as
100 MHz. The auctioned licences will have a 20-year term and licences the limitations on the use of 38 GHz spectrum by satellite earth stations.
will not be transferable for the first five years of the licence term if the It is unclear what impact the results of this consultation and future
transfer results in exceeding the cross-band spectrum cap. In addition, related processes could have on our business and financial results.
licensees will be required to provide network coverage to a certain
percentage of the population at 5, 7, 10 and 20 years following licence
issuance depending on the licence area. Licensees with existing LTE
networks will be subject to additional deployment requirements based
on their existing LTE coverage. Bell Mobility’s initial auction payment
representing 20% of the total payment was made on January 17, 2024.
The remaining 80% representing the final auction payment is due on
May 29, 2024, at which time ISED will issue the 3800 MHz spectrum
licences.

8.5 Bell Canada Act
Among other things, the Bell Canada Act limits how Bell Canada 80% of all of the issued and outstanding voting shares of Bell Canada.
voting shares and Bell Canada facilities may be sold or transferred. Except in the ordinary course of business, the sale or other disposal of
Specifically, under the Bell Canada Act, the CRTC must approve any facilities integral to Bell Canada’s telecommunications activities must
sale or other disposal of Bell Canada voting shares that are held by also receive CRTC approval.
BCE, unless the sale or disposal would result in BCE retaining at least
8.6 Other
Bill C-18, the Online News Act revenue and reach at least 20 million Canadians on a monthly basis.
On June 22, 2023, Bill C-18, An Act respecting online communications In addition, the total amount of compensation to be provided by the
platforms that make news content available to persons in Canada (the largest platform (i.e., Google) is limited to $100 million annually, and
Online News Act) received royal assent. The Online News Act requires compensation provided by other platforms will be determined by the
digital news intermediaries, such as Google and Meta, that share news CRTC based on the platform’s Canadian advertising revenues. Of these
content produced by other news outlets to negotiate commercial amounts, private broadcasters cannot receive more than 30% of the
arrangements with those outlets, compensating them for the news overall compensation available. The amount of compensation that
content shared on digital platforms. The legislation entitles Bell Media’s Bell Media may receive from Google is unclear, as is the timing of such
general news services, such as CTV and Noovo, to compensation. compensation. It is also unknown whether Meta will stop blocking news
Further details regarding the compensation framework have been links and subject themselves to the jurisdiction of the Online News Act.
set out in Regulations that were released on December 15, 2023. These While Meta’s actions are having some negative impact on our news sites,
Regulations clarify that the Online News Act applies to search engines the full impact that the legislative changes could have on our business
and social media sites that provide access to news content in Canada and financial results is unknown at this time. Finally, the CRTC must still
provided these platforms earn at least Cdn $1 billion in annual global establish its processes to administer the Online News Act.
8MD&A Regulatory environment
147
9 Business risks
A risk is the possibility that an event might happen in the future that could have a negative effect on our business, financial condition,
liquidity, financial results or reputation. The actual effect of any event could be materially different from what we currently anticipate.
The risks described in this 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 materially and adversely affect our business, financial condition, liquidity, financial
results or reputation.
This section describes the principal business risks that could have a material adverse effect on our business, financial condition, liquidity,
financial results or reputation, and cause actual results or events to differ materially from our expectations expressed in, or implied by,
our forward-looking statements. Certain of these principal business risks have already been discussed in other sections of this MD&A,
and we refer the reader to those sections for a discussion of such risks. All of the risk discussions set out in the sections referred to in the
table below, as well as the risk discussion relating to general economic conditions and geopolitical events set out in Section 3.3, Principal
business risks, are incorporated by reference in this section 9.
Risks discussed in other sections of this MD&A Section references

Regulatory environment Section 3.3, Principal business risks
Section 8, Regulatory environment
Competitive environment Section 3.3, Principal business risks

Section 5, Business segment analysis (Competitive landscape and industry trends section
for each segment)
Technology/infrastructure transformation Section 3.3, Principal business risks
Risks specifically relating to our Bell CTS Section 5, Business segment analysis (Principal business risks section for each segment)
and Bell Media segments
The other principal business risks that could also have a material adverse effect on our business, financial condition, liquidity, financial results
or reputation are discussed below.
Customer experience
MD&A Business risks
Our Our customers Our products

networks and relationships and services
Driving a positive customer experience in all aspects of our With the proliferation of connectivity services, apps and devices,
engagement with customers is important to avoid brand degradation customers are accustomed to doing things when, how and where they
and other adverse impacts on our business and financial performance want through websites, self-serve options, web chat, call centres and
social media forums. These customer demands have intensified since
As the bar continues to be raised by customers’ evolving expectations of
the beginning of the COVID-19 pandemic and the resulting shift to
service and value, failure to get ahead of such expectations and build a
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online transactions, and we seek to provide the necessary platforms

more robust and consistent service experience at a fair value proposition
for customers to research, interact, purchase and receive service.
could hinder product and service differentiation and customer loyalty.
Customers’ journey is increasingly completed on mobile devices,
The foundation of effective customer service is the ability to deliver high-
requiring alignment of websites, customer support platforms and
quality, consistent and simple solutions to customers in an expeditious
marketing. Understanding the customer relationship as a whole in a
manner and on mutually agreeable terms. Although we seek to reduce
multi-product environment and delivering a simple, seamless experience
complexity in our operations through our transformation initiatives,
at a fair price is increasingly central to an evolving competitive dynamic.
we operate with multiple technology platforms, ordering and billing
While we have introduced new services and tools, including self-
systems, sales channels, marketing databases and a myriad of rate
managed solutions, designed to accelerate our customer experience
plans, promotions, brands and product offerings, in the context of a
evolution, we are unable to predict whether such services and tools
large customer base and a workforce that continuously requires to
will be sufficient to meet customer expectations. Failure to develop true
be trained, monitored and replaced, which may limit our ability to
omni-channel capabilities and improve our customer experience by
respond quickly to market changes and reduce costs, and may lead
digitizing and developing a consistent, fast and on-demand end-to-end
to customer confusion or billing, service or other errors, which could
experience before, during and after sales using new technologies such
adversely affect customer satisfaction, acquisition and retention. Media
as AI and machine learning, in parallel with our network evolution, could
attention to customer complaints could also erode our brand and
also adversely affect our business, financial results, reputation and
reputation and adversely affect customer acquisition and retention. In
brand value. Such development activities could further be challenged by
addition, the current global economic environment may bring about
scarcity of skilled resources in a competitive labour market. In addition,
further workforce reduction initiatives or limit investments, which could
while AI could provide for better, cost-effective and convenient customer
negatively impact the rapidity of our response to customer demands
experiences, we must carefully assess the challenges associated with
and the overall customer experience.
the use of such technology by us as well as by our competitors.

Customers’ perception of our products, services, brand and corporate influence customer perceptions through effective communication,
image is also important. Embracing topics that matter to the stakeholder including through our use of social media and other communication
value proposition, such as ESG practices and the reporting of same, media or otherwise, could adversely affect our business, financial
adds an important layer to the customer perception of our company results, reputation and brand value.
and thus to the overall customer experience. Failure to positively
Security management and data governance

networks and relationships and services people resources
Our operations, service performance, reputation and business Changes in behaviour further to the COVID-19 pandemic as well as recent
continuity depend on how well we protect our physical and geopolitical events have further increased our exposure to information
non-physical assets, including from information security threats security threats. Remote work arrangements of our employees and those
of our suppliers have increased remote connectivity to our systems
Our operations, service performance, reputation and business continuity
and the potential use of unauthorized communications technologies.
depend on how well we protect our physical and non-physical
In addition, we have seen an increase in global criminal activity, which
assets, including networks, IT systems, offices, corporate stores and
further pressures our security environment.
sensitive information, from events such as information security attacks,
unauthorized access or entry, fire, natural disasters, power loss, building If information security threats were to become successful attacks
cooling loss, acts of war or terrorism, sabotage, vandalism, actions of resulting in information security breaches, they could harm our brand,
neighbours and other events. The protection and effective organization reputation and competitiveness, decrease customer and investor
of our systems, applications and information repositories are central to confidence and adversely affect our business, financial results, stock
the secure and continuous operation of our networks and business, as price and long-term shareholder value, given that they could lead to:
electronic and physical records of proprietary business and personal • Network operating failures and business disruptions, which could
data, such as confidential customer and employee information, are all negatively impact our ability to sell products and services to our
sensitive from a market and privacy perspective. customers and adversely affect their ability to maintain normal
Information security breaches can result from deliberate or unintended business operations and deliver critical services, and/or the ability
actions by a growing number of sophisticated actors, including hackers, of third-party suppliers to deliver critical services to us
organized criminals, state-sponsored organizations and other parties. • Unauthorized access to, and use of, proprietary or sensitive information,
Information security attacks have grown in complexity, magnitude and which could result in lost revenue, diminished competitive advantages,
frequency in recent years and the potential for damage is increasing. challenges in retaining or attracting customers after an incident and
Information security attacks may be perpetrated using a complex loss of future business opportunities
array of ever evolving and changing means including, without limitation, • Theft, loss, unauthorized disclosure, destruction, encryption or
MD&A Business risks

the use of stolen credentials, social engineering, computer viruses corruption of data and confidential information, including personal
and malicious software, phishing and other attacks on network and information about our customers or employees, that could result
information systems. Information security attacks aim to achieve in financial loss, exposure to claims for damages by customers,
various malicious objectives including unauthorized access to, ransom/ employees and others, extortion threats due to ransomware and
encryption of, and theft of, confidential, proprietary, sensitive or personal difficulty in accessing materials to defend legal actions
information, as well as extortion and business disruptions.
• Physical damage to network assets impacting service continuity
We are also exposed to information security threats as a result of actions • Fines and sanctions for failure to meet legislative requirements or
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that may be taken by our customers, suppliers, outsourcers, business from credit card providers for failing to comply with payment card
partners, employees or independent third parties, whether malicious industry data security standards for protection of cardholder data
or not, including as a result of the use of social media, cloud-based
• Increased fraud as criminals leverage stolen information against our
solutions and IT consumerization. Our use of third-party suppliers and customers, our employees or our company
outsourcers and reliance on business partners, which may similarly
be subject to information security threats, also expose us to risks as • Remediation costs such as liability for stolen information, equipment
repair and service recovery, and incentives to customers or business
we have less immediate oversight over their IT domains. Furthermore,
partners in an effort to maintain relationships after an incident
the introduction of 5G, cloud computing and the proliferation of data
services, including mobile TV, mobile commerce, mobile banking • Increased information security protection costs, including the costs of
and IoT applications, as well as increased digitization and the use deploying additional personnel and protection technologies, training
or misuse of emerging technologies such as AI, robotics and smart and monitoring employees, and engaging third-party security experts
contracts leveraging blockchain for digital certification, have significantly and auditors
increased the threat surface of our networks and systems, resulting in • Changes in the terms, conditions and pricing of customer, supplier
higher complexity that needs to be carefully monitored and managed to and financial contracts and agreements that we may have
minimize security threats. Failure to implement an information security
program that efficiently considers relationships and interactions with
business partners, suppliers, customers, employees and other third
parties across all methods of communication, including social media and
cloud-based solutions, could adversely affect our ability to successfully
defend against information security attacks.
149
In light of the evolving nature and sophistication of information security There has also been increased regulatory scrutiny over the use, collection,
threats, our information security policies, procedures and controls must and disclosure of personal information in Canada. We are subject to
continuously adapt and evolve in order to seek to mitigate risk and, various privacy legislation, such as Canada’s anti-spam legislation (CASL)
consequently, require constant monitoring to ensure effectiveness. and the Personal Information Protection and Electronic Documents Act,
However, given the complexity and scale of our business, network as well as foreign privacy legislation via the mandatory flow-through
infrastructure, technology and IT supporting systems, there can be no of privacy-related obligations by our customers, including those of the
assurance that the security policies, procedures and controls that we General Data Protection Regulation (EU). Global and domestic regulation
implement will be effective against all information security attacks. In around privacy and data practices are evolving rapidly and new or
addition, there can be no assurance that any insurance we may have amended privacy legislation has been proposed or adopted federally
will cover all or part of the costs, damages, liabilities or losses that and in a number of Canadian provincial jurisdictions with significant
could result from the occurrence of any information security breach. obligations, limitations on the use of personal information, penalties
and short implementation horizons. Our data governance framework
Failure to implement an effective data governance framework could
must not only meet applicable privacy requirements, but also be able to
harm our brand and reputation, expose us to regulatory pressure
evolve for continuous improvement. Effective data governance is also a
and penalties, constrain our competitive opportunities, and adversely
component of good ESG practices, which are considered an increasingly
affect our business and financial results
important measure of corporate performance and value creation.
To achieve our purpose of advancing how Canadians connect with
Failure to implement an effective data governance framework
each other and the world, we must preserve the social licence from our
encompassing the protection and appropriate use of data across its
customers and all Canadians to collect and use data in our operations. A
life cycle, and incorporating data governance as a core consideration
strong and consistently applied approach to data governance is critical
in our business initiatives and technology decisions, could harm our
to maintaining that social licence, requiring us to focus on respecting
brand, reputation and competitiveness, decrease customer and investor
the privacy of our customers’ data and protecting such data against
confidence and adversely affect our business and financial results. It
information security threats. As our operations involve receiving,
could give rise to litigation, investigations, fines and liability for failure
processing and storing such proprietary business and personal data,
to comply with increasingly stringent privacy legislation, as well as
effective policies, procedures and controls must be implemented to
increased audit and regulatory scrutiny that could divert resources
protect information systems and underlying data in accordance with
from business operations.
applicable privacy legislation. Failure to meet customer and employee
expectations regarding the appropriate use and protection of their data
could have negative reputational, business and financial consequences
for the company.
People
MD&A Business risks
Our
people
Attracting, developing and retaining a diverse and talented team deploy employees on initiatives that further our strategic imperatives
capable of furthering our strategic imperatives and high-tech and high-tech transformation, or to efficiently replace departing
transformation is essential to our success employees, could have an adverse impact on our ability to attract and
retain talent and drive performance across the organization. Shortages
Our business depends on the efforts, engagement and expertise of
of skilled labour could negatively affect our ability to implement our
our management and non-management employees and contractors,
9
strategic priorities, as well as sell our products and services and more
who must be able to operate efficiently and safely based on their
generally serve our customers.
responsibilities and the environment in which they are functioning.
Demand for highly skilled team members has intensified, as retiring Establishing a culture that drives inclusivity, employee engagement,
workers, varying levels of immigration, and an increase in remote-work development and progression is essential to attract and retain talent.
arrangements allowing more global competition have created an In addition, employees are typically more engaged at work when their
even more competitive marketplace. This emphasizes the importance value system aligns with their employer’s corporate values. We seek
of developing and maintaining a comprehensive and inclusive human to foster an inclusive, equitable and accessible workplace where team
resources strategy and employee value proposition to adequately members are valued, respected and supported, reflecting the diversity
compete for talent and to identify and secure high-performing of the communities we serve and our desire to provide team members
candidates for a broad range of job functions, roles and responsibilities. with the opportunity to reach their full potential. We further endeavour
In addition, an appropriately skilled and diversified pool of talent (as a to establish programs and provide resources to support team members
result of hiring, insourcing and reskilling) is essential to support evolving on a wide range of topics, including mental health services and support.
business priorities in the context of an ongoing business transformation However, failure to establish robust programs to further these aspirations
impacting job nature and skill sets. Our objective to transform from a could adversely affect our ability to attract and retain team members.
telco to a techco requires a cultural change and a capacity to evolve, Failure to sufficiently address evolving employee expectations related
and impacts our recruitment strategy and deployment of resources. to our culture and value proposition could also adversely affect our
Failure to attract and appropriately train, motivate, remunerate or ability to attract and retain team members.

As we emerged from the COVID-19 pandemic, we introduced our Bell • Ensuring the health and safety of our workforce operating in different
Workways program to help team members and leaders manage work, environments, including manholes, telephone poles, cell towers,
family and other commitments by offering a new approach for our vehicles, foreign news bureaus and war zones, and/or in times of
workplace that allows flexibility for team members on how and where pandemic, requires focus, effective processes and flexibility to avoid
they work, depending on their new designated role-based work profiles injury, illness, service interruption, fines and reputational impact
(remote, mobile or full-time office). However, flexible work models • Potential deterioration in employee morale and engagement resulting
require a cultural shift that may impact business activities. Failure to from staff reductions, cost reductions or reorganizations could
establish an optimal post-pandemic work arrangement conducive adversely affect our business and financial results
to corporate performance and employee preference, and develop
Challenges related to collective agreements could adversely affect
new leadership skills necessary in the context of a new hybrid model,
our business
could impair our ability to engage, motivate and retain employees,
impact productivity, increase the number of employees on disability Approximately 42% of BCE employees were represented by unions
leave for mental health reasons, and introduce additional operational and were covered by collective agreements at December 31, 2023.
risks or exacerbate our exposure to existing ones, which could impair The positive engagement of members of our team represented by
our ability to manage our business. unions is contingent on negotiating collective agreements that deliver
competitive labour conditions and uninterrupted service, both of which
Other examples of people-related risks include the following:
are critical to achieving our business objectives.
• The increasing technical and operational complexity of our businesses
and the high demand in the market for skilled resources in strategic We cannot predict the outcome of collective agreement negotiations.
areas create a challenging environment for hiring, retaining and Renewal of collective agreements could result in higher labour costs
developing such skilled resources and be challenging in the context of a declining workload due to
transformation, a maturing footprint, improved efficiencies and adverse
• Failure to establish a complete and effective succession plan, including government or regulatory decisions. If during the bargaining process
preparation of internal talent and identification of potential external
there were to be project delays and work disruptions, including work
candidates, where relevant, for senior executive and other key roles,
stoppages or work slowdowns, this could adversely affect service to
could impair our business until qualified replacements are found
our customers and, in turn, our customer relationships and financial
performance.
Operational performance
Our networks and IT systems are the foundation of high-quality and traffic management on our more current as well as our legacy
MD&A Business risks

consistent services, which are critical to meeting service expectations networks could adversely affect our customers, including by preventing
the provisioning of critical services, and could have an adverse impact
Our ability to provide high-quality and consistent wireless, wireline
on our business, reputation and financial performance. Furthermore,
and media services to customers in a complex and changing operating
we may need to manage the possibility of instability in the context
environment is crucial for sustained success. It is therefore essential
of our transformation initiatives, including as we transition towards
that we continuously refine our operating model in order to accelerate
converged wireline and wireless networks and newer technologies,
our transition from a telco to a techco, and meet customer expectations
including software-defined networks leveraging open source software
of product and service experience at a desired cost structure.
and cloud services. Network failures and slowdowns, whether caused
9
Network capacity demands for content offerings and other bandwidth- by internal or external forces, human-caused error or threat, or external
intensive applications on our wireline and wireless networks have been events, could adversely affect our brand and reputation, subscriber
growing at unprecedented rates. Unexpected capacity pressures on acquisition and retention as well as our financial results. While we invest
our networks may negatively affect our network performance and our in the resiliency of our networks and other infrastructure and establish
ability to provide services. Evolving customer behaviour and their use of response strategies and business continuity protocols to seek to maintain
our networks, products and services have created increased capacity service consistency, there is no assurance that such investments and
pressure on certain areas of our wireless, wireline and broadcast protocols will be sufficient to prevent network failure or the failure
media networks, and there can be no certainty that our networks will of other infrastructure, or a disruption in the delivery of our services.
continue to sustain such increased usage. In addition, we may need
In addition, we currently use a very large number of interconnected
to incur significant capital expenditures in order to provide additional
internal and third-party operational and business support systems for
capacity and reduce network congestion. Network performance and/or
provisioning, networking, distribution, broadcast management, ordering,
reliability may vary depending on the location and the recent trend for
billing and accounting, which may hinder our operational efficiency.
families to move from urban centres to less urbanized areas increases
If we fail to implement, maintain or manage highly effective IT systems
the need to develop and/or enhance our networks in areas that were
supported by an effective governance and operating framework, and
not previously served or that were underserved.
implement transformation initiatives to streamline and integrate our
Customers and other stakeholders expect that we deliver reliable service processes and systems, this may lead to inconsistent performance
performance, enabled by our networks and other infrastructure, as well and dissatisfied customers, which over time could result in higher
as the networks and other infrastructure of third-party providers on churn. It may also limit our cross-sell capabilities across our portfolio
which we rely. Issues relating to network availability, speed, consistency of products and services.
151
Further examples of risks to operational performance that could impact fire, natural disasters, power loss, building cooling loss, acts of war or
our reputation, business operations and financial performance include terrorism, sabotage, vandalism, actions of neighbours and other events.
the following: Climate change, especially in areas of greater environmental sensitivity,
• The current global economic environment as well as geopolitical events could heighten the occurrence of certain of the above-mentioned risks.
may bring about further incremental costs, delays or unavailability of We must also manage business continuity issues caused by internal
equipment, materials and resources, which may impact our ability to sources, including human error, human-caused threats and inefficiencies.
maintain or upgrade our networks in order to accommodate increased Establishing response strategies and business continuity protocols
network usage and to provide the desired levels of customer service to maintain service consistency if any disruptive event materializes
is critical to the achievement of effective customer service. Any of
• Failure to maintain required service delivery amid operational
the above-mentioned events, as well as the failure by us, or by other
challenges (including those related to targeted cost savings initiatives,
telecommunications carriers on which we rely to provide services,
flexible work models and the availability of employees with the required
to adequately complete planned and sufficient testing, maintenance,
skill set) and a transformation of our infrastructure and technology
replacement or upgrade of our or their networks, equipment and
could adversely affect our brand, reputation and financial results
other facilities, which is, among other factors, dependent on our or
• We may lose sales should we fail to maximize channel efficiencies, their ability to purchase equipment and services from third-party
which could adversely affect our financial results
suppliers, could disrupt our operations (including through disruptions
• Corporate restructurings, system replacements and upgrades, process such as network and other infrastructure failures, billing errors or
redesigns, staff reductions and the integration of business acquisitions delays in customer service), require significant resources and result
may not deliver the benefits contemplated, or be completed when in significant remediation costs, which in turn could have an adverse
expected, and could adversely impact our ongoing operations effect on our business and financial performance, or impair our ability
• Failure to streamline our significant IT legacy system portfolio and to keep existing subscribers or attract new ones.
proactively improve operating performance could adversely affect
In addition, the current global economic environment as well as
our business and financial results
geopolitical events may bring about further incremental costs, delays
• We may experience more service interruptions or outages due to or unavailability of equipment, materials and resources, which could
legacy infrastructure. In some cases, vendor support is no longer impact our operations and business continuity strategies.
available or legacy vendor operations have ceased.
Satellites used to provide our satellite TV services are subject to
• There may be a lack of replacement parts and competent and significant operational risks that could have an adverse effect on
cost-effective resources to perform the life cycle management and
our business and financial performance
upgrades necessary to maintain the operational status of legacy
networks and IT systems Pursuant to a set of commercial arrangements between ExpressVu
and Telesat Canada (Telesat), we currently have satellites under
• Climate change increases the probability, frequency, intensity and
contract with Telesat. Telesat operates or directs the operation of these
length of severe weather-related events such as ice, snow and wind
satellites, which utilize highly complex technology and operate in the
MD&A Business risks
storms, wildfires, flooding, extended heat waves, hurricanes, tornadoes

harsh environment of space and are therefore subject to significant
and tsunamis, all of which could impact network availability and
operational risks while in orbit. These risks include in-orbit equipment
performance and drive more repairs of network equipment
failures, malfunctions and other problems, commonly referred to as
Our operations and business continuity depend on how well we anomalies, that could reduce the commercial usefulness of a satellite
protect, test, maintain, replace and upgrade our networks, IT systems, used to provide our satellite TV services. Acts of war or terrorism,
equipment and other facilities magnetic, electrostatic or solar storms, or space debris or meteoroids
Our operations, service performance, reputation, business continuity could also damage such satellites. Any loss, failure, manufacturing defect,
9
and strategy depend on how well we and our contracted product and damage or destruction of these satellites, of our terrestrial broadcasting
service providers, as well as other telecommunications carriers on infrastructure or of Telesat’s tracking, telemetry and control facilities
which we rely to provide services, protect our or their networks and to operate the satellites could have an adverse effect on our business
IT systems, as well as other infrastructure and facilities, from events and financial performance and could result in customers terminating
such as information security attacks, unauthorized access or entry, their subscriptions to our satellite TV service.
Financial management
If we are unable to raise the capital we need or generate sufficient Our ability to raise financing depends on our ability to access the
cash flows from operating activities, we may need to limit our capital public equity and debt capital markets, the money market, as well as
expenditures or our investments in new businesses, or try to raise the bank credit market. Our ability to access such markets and the cost
capital by disposing of assets and amount of funding available depend largely on prevailing market
conditions and the outlook for our business and credit ratings at the
Our ability to meet our cash requirements, fund capital expenditures
time capital is raised.
and provide for planned growth depends on having access to adequate
sources of capital and on our ability to generate cash flows from Risk factors such as capital market disruptions, political, economic and
operating activities, which is subject to various risks, including those financial market instability in Canada or abroad, government policies,
described in this MD&A. central bank monetary policies, increasing interest rates, changes
to bank capitalization or other regulations, reduced bank lending in

general or fewer banks as a result of reduced activity or consolidation, We cannot guarantee that dividends will be increased or declared
could reduce capital available or increase the cost of such capital. In Increases in the BCE common share dividend and the declaration
addition, an increased level of debt borrowings could result in lower of dividends on any of BCE’s outstanding shares are subject to the
credit ratings, increased borrowing costs and a reduction in the amount discretion of the BCE Board and, consequently, there can be no
of funding available to us, including through equity offerings. Business guarantee that the dividend on common shares will be increased
acquisitions and our acquisition of wireless spectrum licences could or that dividends will be declared. Dividend increases and the
also adversely affect our outlook and credit ratings and have similar declaration of dividends by the BCE Board are ultimately dependent
adverse consequences. There is no assurance that we will maintain on BCE’s operations and financial results which are, in turn, subject to
our credit ratings and a ratings downgrade could result in adverse various assumptions and risks, including those set out in this MD&A.
consequences for our funding cost and capacity, and our ability to
access the capital markets, money market and/or the bank credit market. The failure to reduce costs, unexpected increases in costs and the
In addition, participants in the public capital and bank credit markets failure to optimize capital spending, could adversely affect our
have internal policies limiting their ability to invest in, or extend credit ability to achieve our strategic imperatives and financial guidance
to, any single entity or entity group or a particular industry. Finally, with Our objective to lower our cost structure continues to be aggressive
increasing emphasis by the capital markets on ESG performance and with a company-wide focus on cost transformation and reduction,
reporting, there is a potential for the cost and availability of funding but there is no assurance that we will be successful in reducing costs.
to be increasingly tied to the quality of our ESG practices and related Examples of risks to our ability to reduce costs or limit potential cost
disclosed metrics. increases include the following:
Our bank credit facilities, including credit facilities supporting our • Inflation could continue to result in higher input costs for equipment,
commercial paper program, are provided by various financial institutions. products and services, and create increased pressure for wage
While it is our intention to renew certain of such credit facilities from time increases
to time, there are no assurances that these facilities will be renewed • Increased costs related to geopolitical events, in particular as they
on favourable terms or in similar amounts. impact our supply chain, could continue for an undetermined period
Global financial markets have experienced, and could again experience, of time
significant volatility and weakness as a result of market disruptions, • Increasing or prevailing high interest rates could continue to negatively
including relating to the economy and geopolitical events. The current impact our cost of financing
global economic environment could continue to negatively impact equity • Our cost reduction objectives require aggressive negotiations with
and debt capital markets, cause interest rate and currency volatility our suppliers and there can be no assurance that such negotiations
and movements, and adversely affect our ability to raise financing in will be successful or that replacement products or services provided
the public capital, bank credit and/or commercial paper markets as will not lead to operational issues
well as the cost thereof. Additionally, the negative impact of the global • As suppliers continue to shorten software life cycles, the cost of seeking
economic environment and potential recession, elevated inflation and to maintain adequate information security increases
MD&A Business risks

high interest rates on our customers’ financial condition could adversely
affect our ability to recover payment of receivables from customers and
• Achieving timely cost reductions while moving to an IP-based network
is dependent on disciplined network decommissioning, which can
lead to further increases in bad debts, thereby negatively affecting our
be delayed by customer contractual commitments, regulatory
revenues and cash flows, as well as our position under our securitized
considerations and other unforeseen obstacles
receivables program.
• Failure to contain growing operational costs related to network sites,
Differences between BCE’s actual or anticipated financial results and network performance and resiliency, footprint expansion, spectrum
the published expectations of financial analysts, as well as events licences, insurance and content and equipment acquisition could have
9
affecting our business or operating environment, may contribute to a negative effect on our financial performance
volatility in the market price of BCE’s securities. A major decline in the
capital markets in general, or an adjustment in the market price or
• Inaddition to the potential impact from the global economic
environment and geopolitical events, fluctuations in energy prices
trading volumes of BCE’s securities, may negatively affect our ability
are further partly influenced by government policies to address climate
to raise debt or equity capital, retain senior executives and other key
change such as carbon pricing which, combined with growing data
employees, make strategic acquisitions or enter into joint ventures.
demand that increases our energy requirements, could increase our
If we cannot access the capital we need or generate cash flows to energy costs beyond our current expectations
implement our business plan or meet our financial obligations on • Failure to successfully deliver on our contractual commitments, whether
acceptable terms, we may have to limit our ongoing capital expenditures due to security events, operational challenges or other reasons, may
and our investment in new businesses or try to raise additional capital result in financial penalties and loss of revenues
by selling or otherwise disposing of assets. Any of these could have
In addition, as part of our business operations and transformation
an adverse effect on our cash flows from operating activities and on
initiatives, it is essential that we optimize capital spending and ensure
our growth prospects.
appropriate trade-offs in our capital allocation. However, should we
fail to adequately assess investment priorities and optimal trade-offs,
our business and financial results could be negatively affected.
153
We are exposed to various credit, liquidity and market risks A number of factors could impact our financial statements and
estimates
Our exposure to credit, liquidity and market risks, including equity price,
interest rate and currency fluctuations, is discussed in section 6.5, We base our estimates on a number of factors, including but not
Financial risk management of this MD&A and in Note 29 to BCE’s 2023 limited to historical experience, current events, and actions that the
consolidated financial statements. company may undertake in the future, as well as other assumptions
that we believe are reasonable under the circumstances. A change in
Our failure to identify and manage our exposure to changes in interest
these assumptions may have an impact on our financial statements
rates, foreign exchange rates, BCE’s share price and other market
including but not limited to impairment testing, fair value determination,
conditions could lead to missed opportunities, increased costs, reduced
expected credit losses and discount rates used for the present value of
profit margins, cash flow shortages, inability to complete planned
cash flows. By their nature, these estimates and judgments are subject
capital expenditures, reputational damage, equity and debt securities
to measurement uncertainty and actual results could differ.
devaluations, and challenges in raising capital on market-competitive
terms. The economic environment, pension rules or ineffective governance
could have an adverse effect on our pension obligations, and we
The failure to evolve practices to effectively monitor and control
may be required to increase contributions to our post-employment
fraudulent activities could result in financial loss and brand
benefit plans
degradation
With a large pension plan membership and DB pension plans that
As a public company with a range of desirable and valuable products
and services and a large number of employees, BCE requires a are subject to the pressures of the global economic environment
and changing regulatory and reporting requirements, our pension
disciplined program covering governance, exposure identification
obligations are exposed to potential volatility. Failure to recognize and
and assessment, prevention, detection and reporting that considers
manage economic exposure and pension rule changes, or to ensure
corruption, misappropriation of assets and intentional manipulation of
that effective governance is in place for the management and funding
financial statements by employees and/or external parties. The current
of pension plan assets and obligations, could have an adverse impact
global economic environment could further lead to increased fraud
on our liquidity and financial performance.
activities, which could result in financial loss and brand degradation.
The funding requirements of our post-employment benefit plans, based
Specific examples relevant to us include:
on valuations of plan assets and obligations, depend on a number of
• Copyright theft and other forms of unauthorized use that undermine factors, including actual returns on post-employment benefit plan
the exclusivity of Bell Media’s content offerings, which could divert
assets, long-term interest rates, inflation, plan demographics including
users to unlicensed or otherwise illegitimate platforms, thus impacting
longevity, and applicable regulations and actuarial standards. Changes
our ability to derive distribution and advertising revenues
in these factors, including changes caused by the current global
• Unauthorized individuals taking over someone else’s online account economic environment and recent geopolitical events, could cause
without the account owner‘s permission to gain access to wireless future contributions to significantly differ from our current estimates,
MD&A Business risks
products and goods via various means (social engineering, phishing, require us to increase contributions to our post-employment benefit
smishing, etc.) plans in the future and, therefore, have a negative effect on our liquidity
• Subscription fraud where fraudsters use their own, a stolen or a and financial performance.
synthetic identity to obtain mobile devices and services with no
There is no assurance that the assets of our post-employment benefit
intention to pay
plans will earn their assumed rate of return. A substantial portion of our
• Network usage fraud such as call/sell operations using our wireline post-employment benefit plans’ assets is invested in public and private
or wireless networks or incidents related to network components equity and debt securities. As a result, the ability of our post-employment
such as copper theft
9
benefit plans’ assets to earn the rate of return that we have assumed
• Ongoing efforts to steal the services of TV distributors, including Bell depends significantly on the performance of capital markets. Market
Canada and ExpressVu, through compromise or circumvention of conditions also impact the discount rate used to calculate our pension
signal security systems, causing revenue loss plan solvency obligations and could therefore also significantly affect
Income and commodity tax amounts may materially differ from the our cash funding requirements.
expected amounts
Our complex business operations are subject to various tax laws. The
adoption of new tax laws, or regulations or rules thereunder, or changes
thereto or in the interpretation thereof, could result in higher tax rates,
new taxes or other adverse tax implications. In addition, while we believe
that we have adequately provided for all income and commodity taxes
based on all of the information that is currently available, the calculation
of income taxes and the applicability of commodity taxes in many cases
require significant judgment in interpreting tax rules and regulations. Our
tax filings are subject to government audits that could result in material
changes to the amount of current and deferred income tax assets and
liabilities and other liabilities and could, in certain circumstances, result
in an assessment of interest and penalties.

Vendor management/supply chain
networks and relationships and services environment resources
We depend on third-party suppliers, outsourcers and consultants, In addition, certain company initiatives rely heavily on professional
some of which are critical, to provide an uninterrupted supply of consulting services provided by third parties, and a failure of such
the products and services we need, as well as comply with various third-party services may not be reasonably evident until their work is
obligations delivered or delayed. Difficulties in implementing remedial strategies
in respect of professional consulting services provided by third parties
We depend on key third-party suppliers and outsourcers, over which we
that are not performed in a proper or timely fashion could result in
have no operational or financial control, for products and services, some
an adverse effect on our ability to comply with various obligations,
of which are critical to our operations. If there are gaps in our vendor
including applicable legal and accounting requirements.
selection, governance or oversight processes established to seek to
ensure full risk transparency at point of purchase and throughout the Other examples of risks associated with third-party suppliers and
relationship, including any contract renegotiations, there is the potential outsourcers include the following:
for a breakdown in supply, which could impact our ability to make sales, • We rely upon the successful implementation and execution of business
service customers and achieve our business and financial objectives. continuity plans by our product and service suppliers. To the extent
In addition, any such gaps could result in suboptimal management of that such plans do not successfully mitigate the impacts of the
our vendor base, increased costs and missed opportunities. Ongoing current global economic environment, geopolitical events or other
relationships must further be adequately managed in order to address events, and our suppliers or vendors experience operational failures
existing and new operational and compliance requirements. Some or inventory constraints, such failures or constraints could result in,
of our third-party suppliers and outsourcers are located in foreign or amplify existing, supply chain disruptions that could adversely
countries, which increases the potential for a breakdown in supply affect our business. Incremental costs, delays or unavailability of
due to the risks of operating in foreign jurisdictions with different equipment, materials, products or services, as well as unavailability
laws, geopolitical environments and cultures, as well as the potential of our suppliers’ or contractors’ employees due to strikes, workforce
for localized natural disasters. Concerns related to geopolitical events reduction initiatives or other factors, could impact sales and execution
could put pressure on our supply chain and require increased focus of our strategic imperatives and adversely affect our business and
on supply chain diversification to support continuity. financial results.
We may have to select different third-party suppliers for equipment or • The current global economic environment and recent geopolitical
other products and services, or different outsourcers, in order to meet events have given rise to inflationary pressures and sharp increases
evolving internal company policies and guidelines as well as regulatory in prices, which could put increased pressure on purchasing costs
requirements. Should we decide, or be required by a governmental • The insolvency of one or more of our suppliers could cause a
authority or otherwise, to terminate our relationship with an existing breakdown in supply and have an adverse effect on our operations,
MD&A Business risks

supplier or outsourcer, this would decrease the number of available including our ability to make sales or service customers, as well as
suppliers or outsourcers and could result in significant increased costs, on our financial results
as well as transitional, support, service, quality or continuity issues;
• Demand for products and services available from only a limited number
delay our ability to deploy new network and other technologies and of suppliers, some of which dominate their global market, may lead to
offer new products and services; and adversely affect our business decreased availability, increased costs or delays in the delivery of such
and financial results. products and services, since suppliers may choose to favour global
The use of third-party suppliers and the outsourcing of services generally competitors that are larger than we are and, accordingly, purchase
9
involve transfer of risks, and we must take appropriate steps to ensure a larger volume of products and services. In addition, production
that our suppliers’ and outsourcers’ approach to risk management issues or geopolitical events affecting any such suppliers, or other
is aligned with our own standards in order to maintain continuity of suppliers, could result in decreased quantities or a total lack of supply
supply and brand strength. Increased focus on supplier risks in areas of products or services. Any of these events could adversely impact
of security, data governance, responsible procurement and broader our ability to meet customer commitments and demand.
ESG factors requires increased attention given that supplier actions • A suboptimal outsourcing model could result in the loss of key corporate
or omissions could have significant impacts on our business, financial knowledge, reduced efficiency and effectiveness, and impede agile
results, brand and reputation. Furthermore, cloud-based supplier delivery of new products or technology
models have continued to evolve and grow and, while they offer many
• Cloud-based solutions may increase the risk of security and data
potential benefits, cloud-based services can also change the level or leakage exposure if security control protocols and configurations
types of risks. Accordingly, our procurement and vendor management implemented by our cloud-based partners or suppliers, or by us
practices must also continue to evolve to fully take into account the where we retain responsibility for such protocols, are inadequate
potential risks of cloud-based services.
• If existing suppliers do not have appropriate alternative cloud-based
products or services, our ability to complete desired migrations to the
cloud could be limited or delayed
• Failure to maintain strong discipline around vendor administration
(especially around initial account setup) may mask potential financial
or operational risks and complicate future problem resolutions
155
• If products and services important to our operations have • We rely on other telecommunications carriers from time to time to
manufacturing defects or do not comply with applicable government deliver services. Should these carriers fail to roll out new networks or
regulations and standards (including product safety practices), our fail to upgrade existing networks, or should their networks be affected
ability to sell products and provide services on a timely basis may be by operational failures or service interruptions, such issues could
negatively impacted. We work with our suppliers to seek to identify adversely affect our ability to provide services using such carriers’
serious product defects (including safety incidents) and develop networks and could, consequently, have an adverse effect on our
appropriate remedial strategies, which may include a recall of products. business, reputation and financial results.
To the extent that a supplier does not actively participate in, and/or • BCE depends on call centre and technical support services provided
bear primary financial responsibility for, a recall of its products, our by a number of external suppliers and outsourcers, some of which are
ability to perform such recall programs at a reasonable cost and/or located in foreign countries. These vendors have access to customer
in a timely fashion may be negatively impacted. Any of the events and internal BCE information necessary for the support services that
referred to above could have an adverse effect on our business, they provide. Information access and service delivery issues that
reputation and financial results. are not managed appropriately may have an adverse impact on our
• Products (including software) and services supplied to us may contain business, reputation, the quality and speed of services provided to
security issues including, but not limited to, latent security issues that customers, or our ability to address technical issues.
would not be apparent upon an inspection. Should we or a supplier
fail to correct a security issue in a timely fashion, there could be an
adverse effect on our business, reputation and financial results.
Reputation and ESG practices

Our Our customers Our products Our Our
networks and relationships and services environment people
Our ability to maintain positive customer relationships is significantly in the areas of privacy, accessibility, data governance, climate change
influenced by our reputation and diversity. Accordingly, failure to integrate ESG considerations
into our governance activities and effectively manage ESG risks and
Many customers’ choice to purchase our products and services is
opportunities could harm our brand and reputation, and could lead to
directly related to their perception of our company. Accordingly, our
negative business, financial, legal and regulatory consequences for
ability to maintain positive customer relationships and acquire or retain
the company. Perceived misalignment of our actions with stakeholder
customers is significantly influenced by our reputation. The company
expectations could also harm our brand and reputation and lead to
faces many sources of reputational risks, as discussed in this MD&A.
further financial and other consequences. Finally, enhanced ESG-related
Should our perceived or actual outlook, plans, priorities or actions, or
disclosures could increase the company’s exposure to claims for
those of our employees or suppliers, fail to align with stakeholders’
MD&A Business risks
misrepresentation in the primary or secondary market.

expectations, our reputation could be impacted, which could have an
adverse effect on our brand, our ability to retain or attract customers, Failure to take appropriate actions to adapt to current and emerging
and more generally on our business, financial condition, liquidity and environmental impacts, including climate change, could have an
financial results. adverse effect on our business
There is no assurance that we will succeed in meaningfully integrating We face risks related to environmental events, including climate-related
ESG considerations into our business strategy and operations to events, which could impact our operations, service performance,
generate a positive outcome for stakeholders reputation and business continuity, cost of insurance, and more generally
9
have an adverse effect on our business, financial performance and

While we seek to understand the evolving ESG environment and
identify topics and activities that may expose us to ESG risks, there reputation. In particular, climate change poses potential risks to our
business, our employees, our customers, our suppliers and outsourcers,
is no assurance that we will succeed in meaningfully integrating ESG
and the communities we operate in. Inadequate management of
considerations into our business strategy and operations to generate
environmental issues associated with our company and our business,
positive outcomes for stakeholders. Good ESG practices are an important
as well as our suppliers and other stakeholders, could also adversely
measure of corporate performance and value creation. As such, we
affect our business, financial condition, liquidity, financial results and
are increasingly under scrutiny to address ESG matters of importance
reputation given the implications for the company as well as various
to our stakeholders. A wide range of ESG topics have progressively
stakeholders.
become important elements of corporate culture and seeking to embrace
them reinforces our value proposition to drive employee attraction and
retention. Customers now factor broader considerations into purchase
decisions and look for alignment of personal values with corporate
behaviour. Investors increasingly link investment decisions to the quality
of ESG practices and related disclosed metrics. Moreover, we have
directly linked some pricing elements in certain financing agreements
to our performance on key ESG targets. Legal and regulatory pressures
have further intensified in the ESG sphere, including, without limitation,

In alignment with the recommendations of the TCFD, we categorize action to reduce our negative impacts on the environment, to achieve
climate-related risks into physical and transition risks: our environmental objectives and to effectively report on environmental
• Physical risks are associated with the physical impacts from a changing matters, could result in fines, and could harm our brand, reputation and
climate and can either be event-driven (acute) or longer-term (chronic) competitiveness, as well as lead to other negative business, financial,
shifts in climate patterns. Global scientific evidence suggests that legal and regulatory consequences for the company.
climate change will increase both the frequency and severity of Pandemics, epidemics and other health risks, including health concerns
extreme weather events. This will include such events as flooding, ice about radiofrequency emissions from wireless communications
storms and wildfires, among others. These could have a destructive devices and equipment, could have an adverse effect on our business
impact on our communications network infrastructure and in turn
Health concerns related to COVID-19 still give rise to uncertainties,
affect our ability to deliver services that are critical to our customers
and resurgences in new COVID-19 cases and/or the emergence and
and society. A service disruption due to extreme weather events
progression of new variants could cause governments to reintroduce
could lead to financial impacts including an increase in operating
restrictive measures. Other pandemics, epidemics and health risks
costs from maintenance and repairs, labour, heating and cooling,
could also occur, any of which could adversely affect our ability to
and equipment damage. Our insurance premiums could increase, or
maintain operational networks and provide products and services
we could face reduced insurability in high risk areas. Furthermore,
to our customers, as well as the ability of our suppliers to provide us
this could jeopardize customer satisfaction and may result in a
with products and services we need to operate our business. Any such
decrease in revenues. In addition, if average temperatures where
pandemics, epidemics and other health risks could have an adverse
we are operating are warmer or cooler year-over-year for longer
effect on the economy and financial markets resulting in a declining
periods of time, there will be an increasing need for cooling or heating
level of retail and commercial activity, which could have a negative
capacity in our facilities. This will increase our energy consumption
impact on the demand for, and prices of, our products and services.
and associated operational costs. Furthermore, in order to remain
resilient to these increasing or decreasing temperatures, we would Many studies have been performed or are ongoing to assess whether
need to increase our investments in our infrastructure, again leading mobile communications devices, such as smartphones, as well as
to increased operational costs. wireless networks and towers pose a potential health risk. While some
studies suggest links to certain conditions, others conclude there is no
• Transition risks are associated with a transition to a lower-carbon
economy, which may include extensive regulatory, technology established causation between mobile phone usage and adverse health
and market changes to address mitigation and adaptation effects. The International Agency for Research on Cancer (IARC) of the
requirements related to climate change. These risks may include World Health Organization classified radiofrequency electromagnetic
increased operational costs driven by the rising price of energy due fields from wireless phones as possibly carcinogenic to humans, but
to carbon pricing regulations and the shifting supply and demand for also indicated that chance, bias or confounding could not be ruled out
energy, increased operational costs related to e-waste treatment with reasonable confidence. The IARC also called for additional research
programs and management systems, reputational risks related to into long-term heavy use of mobile phones.
MD&A Business risks

our management of climate-related issues as well as to our level of ISED is responsible for approving radiofrequency equipment and
disclosure related to such matters. There is also a reputational risk of performing compliance assessments and has chosen Health Canada’s
not demonstrating our proactive behaviour towards climate change, Safety Code 6, which sets the limits for safe exposure to radiofrequency
which could affect customer perception and the cost and availability emissions at home or at work, as its exposure standard. This code
of funding that has the potential to be increasingly tied to the quality also outlines safety requirements for the installation and operation of
of our ESG practices and related disclosed metrics, all of which could devices that emit radiofrequency fields such as mobile communications
have negative financial outcomes. devices, Wi-Fi technologies and base station antennas. ISED has
made compliance to Safety Code 6 mandatory for all proponents and
9
Furthermore, climate-related events could also impact our suppliers
and outsourcers, which in turn could impact our business. Given that operators of radio installations.
some of our third-party suppliers and outsourcers are located in foreign The following challenges, among others, could result from our business
countries that are more at risk of experiencing weather-related events, being heavily dependent on radiofrequency technologies:
localized natural disasters in such countries could further negatively • We may face lawsuits relating to alleged adverse health effects on
impact our business. customers, as well as relating to our marketing and disclosure practices
In addition, several areas of our operations raise other environmental in connection therewith, and the likely outcome of such potential
considerations, such as fuel storage, GHG emissions and energy lawsuits is unpredictable and could change over time
consumption reduction, waste management, disposal of hazardous • Changes in scientific evidence and/or public perceptions could
residual materials, recovery and recycling of end-of-life electronic lead to additional government regulations and costs for retrofitting
products we sell or lease, and other network associated impacts infrastructure and handsets to achieve compliance
(e.g., treated wood poles, manhole effluents, lead cables, etc.). • Public concerns could result in a slower deployment of, or in our inability
Our team members, customers, investors and governments expect that to deploy, infrastructure necessary to maintain and/or expand our
we regard environmental protection as an integral part of doing business wireless network as required by market evolution
and that we seek to minimize the negative environmental impacts of Any of these events could have an adverse effect on our business and
our operations and create positive impacts where possible. Failure to financial performance.
recognize and adequately respond to their evolving expectations, to take
157
Various social issues, if not adequately managed, could have an The achievement of our science-based target related to our scope
adverse effect on our business 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
Effective management of social risk is a component of good ESG
considered given that the SBTi standards do not enable carbon credits
practices. Inadequate management of social issues associated with
to be used for this target. Should a sufficient quantity of acceptable
our company and our business, as well as our suppliers and other
(according to the SBTi guidelines) RECs be unavailable, should their cost
stakeholders, could adversely affect our business, financial condition,
of acquisition be considered too onerous, or should laws, regulations,
liquidity, financial results and reputation. This may include social issues
applicable standards, public perception or other factors limit the number
discussed elsewhere in this MD&A such as DEIB, employees’ well-being,
of RECs that we can purchase, in whole or in part, the achievement of
health and safety, responsible procurement, as well as other social issues
our science-based target related to our scope 1 and 2 GHG emissions
such as human rights, including Indigenous peoples’ rights, consultation
could be negatively impacted.
and accommodation, and community acceptance and engagement.
Failure to sufficiently address and report on our management of social A portion of our GHG emissions reduction targets also depend on our
issues and to achieve our social objectives could harm our brand and ability to implement sufficient corporate and business initiatives in order
reputation, and could lead to negative business, financial, legal and to reduce GHG emissions to the desired levels. Failure to implement such
regulatory consequences for the company. initiatives according to planned schedules due to changes in business
plans, our inability to implement requisite operational or technological
There can be no assurance that our corporate governance practices
changes, unavailability of capital, technologies, equipment or employees,
will be sufficient to prevent violations of legal and ethical standards
cost allocations, actual costs exceeding anticipated costs, or other
Our employees, officers, Board members, suppliers and other business factors, or the failure of such initiatives, including of new technologies,
partners are expected to comply with applicable legal and ethical to generate anticipated GHG emissions reductions, could negatively
standards including, without limitation, anti-bribery laws, as well as affect our ability to achieve our GHG emissions reduction targets. In
with our governance policies and contractual obligations. Failure to addition, future corporate initiatives, such as business acquisitions
comply with such laws, policies, standards and contractual obligations and organic growth, could negatively affect our ability to achieve our
could expose us to investigations or litigation and significant fines and targets, as would the adoption of new technologies that are carbon
penalties, and result in reputational harm or being disqualified from enablers or do not generate the anticipated energy savings.
bidding on contracts. While we have developed and implemented
A refinement in or modifications to international standards or to the
corporate governance practices, including through our Code of Business
methodology we use for the calculation of GHG emissions that would
Conduct which is updated regularly and subject to an annual review
result in an increase in our GHG emissions could further impact our ability
by our team members, there can be no assurance that such practices
to achieve our targets. In addition, as it relates to our science-based
and measures will be sufficient to prevent violations of legal and ethical
targets specifically, the SBTi requires the recalculation of our targets
standards. Any such failure or violation could have an adverse effect
upon the occurrence of certain events, such as business acquisitions or
on our business, financial performance and reputation.
divestitures, or to conform to evolving SBTi methodology or standards.
MD&A Business risks
Various factors could negatively impact our ability to achieve our A recalculation resulting in the introduction of more ambitious targets
ESG targets could challenge our ability to achieve such updated targets.
We have set a number of ambitious ESG targets to monitor our ESG The achievement of our science-based target relating to the level of our
performance and align to our strategic imperatives. However, our suppliers by spend covering purchased goods and services that have
ability to achieve these targets depends on many factors and is subject adopted science-based targets could be negatively impacted should we
to many risks that could cause our assumptions or estimates to be fail to achieve the required level of engagement and collaboration from
inaccurate and cause actual results or events to differ materially from our suppliers over which we have no control, despite the engagement
9
those expressed in, or implied by, these targets. Failure to sufficiently measures that we may implement, or should we change significantly
address evolving employee, customer, investor and other stakeholder the allocation of our spend by supplier.
expectations through achievement of our ESG targets could harm our
In addition, we have much less influence over the reduction of our
brand, reputation and competitiveness, as well as lead to other negative
scope 3 GHG emissions than over our scope 1 and scope 2 GHG emissions
business, financial, legal and regulatory consequences for the company.
given that we must rely on the engagement and collaboration of our
Important risk factors that could affect certain of our key ESG targets suppliers and other participants in our value chain in reducing their
are set out below. own GHG emissions. Accordingly, failure to obtain our suppliers’ and
GHG emissions reduction and supplier engagement targets other participants’ engagement and collaboration could adversely
The achievement of our carbon neutrality target (which includes only affect our ability to meet our scope 3 GHG emissions reduction target.
our operational GHG emissions (scope 1 and 2) and excludes scope 3 DEIB targets
GHG emissions) will require that we purchase a significant quantity of Failure to attract and retain a certain level of diverse talent across
carbon credits and/or RECs. Should a sufficient quantity of high-quality the organization could negatively affect our ability to meet our DEIB
credible carbon credits and/or RECs be unavailable, should their cost targets and objectives. In addition, our ability to achieve such targets
of acquisition be considered too onerous, should laws, regulations, and objectives could also be challenged by reduced labour market
applicable standards, public perception or other factors limit the availability or restricted access to a diverse talent pool.
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.

10 Accounting policies
This section discusses key estimates and assumptions that management has made and how they affect the amounts reported in the
financial statements and notes. It also describes key changes in accounting standards and our accounting policies, and how they affect
our financial statements.
We have prepared our consolidated financial statements using IFRS. Other significant accounting policies, not involving the same level of
measurement uncertainty as those discussed in this section, are nevertheless important to an understanding of our financial statements.
See Note 2, Material accounting policies, in BCE’s 2023 consolidated financial statements for more information about the accounting
principles we used to prepare our consolidated financial statements.
Critical accounting estimates and key judgments

When preparing the financial statements, management makes estimates The estimated useful lives of property, plant and equipment and finite-life
and judgments relating to: intangible assets are determined by internal asset life studies, which
• reported amounts of revenues and expenses take into account actual and expected future usage, physical wear and
tear, replacement history and assumptions about technology evolution.
• reported amounts of assets and liabilities
When factors indicate that assets’ useful lives are different from the
• disclosure of contingent assets and liabilities prior assessment, we depreciate or amortize the remaining carrying
We base our estimates on a number of factors, including but not limited value prospectively over the adjusted estimated useful lives.
to historical experience, current events, economic and financial market
conditions such as interest rates, inflation and the risk of recession, Post-employment benefit plans
geopolitical events and supply chain disruptions, and actions that the The amounts reported in the financial statements relating to DB pension
company may undertake in the future, as well as other assumptions plans and OPEBs are determined using actuarial calculations that are
that we believe are reasonable under the circumstances. A change in based on several assumptions.
these assumptions may have an impact on our financial statements Our actuaries perform a valuation at least every three years to determine
including but not limited to impairment testing, fair value determination, the actuarial present value of the accrued DB pension plan and OPEB
expected credit losses and discount rates used for the present value of obligations. The actuarial valuation uses management’s assumptions
cash flows. By their nature, these estimates and judgments are subject for, among other things, the discount rate, life expectancy, the rate of
to measurement uncertainty and actual results could differ. Our more compensation increase, cost of living indexation rate, trends in healthcare
significant estimates and judgments are described below. costs and expected average remaining years of service of employees.
We consider the estimates and judgments described in this section to be
MD&A Accounting policies

While we believe that these assumptions are reasonable, differences
an important part of understanding our financial statements because in actual results or changes in assumptions could materially affect
they require management to make assumptions about matters that post-employment benefit obligations and future net post-employment
were highly uncertain at the time the estimates and judgments were benefit plans cost.
made, and changes to these estimates and judgments could have a
material impact on our financial statements and our segments. We account for differences between actual and expected results
in benefit obligations and plan performance in OCI, which are then
Our senior management has reviewed the development and selection recognized immediately in the deficit.
of the critical accounting estimates and judgments described in this
section with the Audit Committee of the BCE Board. The most significant assumptions used to calculate the net post-
10
employment benefit plans cost are the discount rate and life expectancy.
Any sensitivity analysis included in this section should be used with
caution as the changes are hypothetical and the impact of changes in A discount rate is used to determine the present value of the future
each key assumption may not be linear. cash flows that we expect will be needed to settle post-employment
benefit obligations.
Our more significant estimates and judgments are described below.
The discount rate is based on the yield on long-term, high-quality
Estimates corporate fixed income investments, with maturities matching the
estimated cash flows of the post-employment benefit plans. Life
Useful lives of property, plant and equipment
expectancy is based on publicly available Canadian mortality tables
and finite-life intangible assets
and is adjusted for the company’s specific experience.
We review our estimates of the useful lives of property, plant and
equipment and finite-life intangible assets on an annual basis and A lower discount rate and a higher life expectancy result in a higher net
adjust depreciation or amortization on a prospective basis, as required. post-employment benefit obligation and a higher current service cost.
Property, plant and equipment represent a significant proportion of

our total assets. Changes in technology or our intended use of these
assets, climate change and our environmental, social and corporate
governance initiatives as well as changes in business prospects or
economic and industry factors, may cause the estimated useful lives
of these assets to change.
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Sensitivity analysis
The following table shows a sensitivity analysis of key assumptions used to measure the net post-employment benefit obligations and the net
post-employment benefit plans cost for our DB pension plans and OPEB plans.
Impact on net post-employment Impact on post-employment benefit
benefit plans cost for 2023 – obligations at December 31, 2023 –
increase/(decrease) increase/(decrease)
Change in Increase in Decrease in Increase in Decrease in
assumption assumption assumption assumption assumption
Discount rate 0.5% (83) 78 (1,146) 1,255

Cost of living indexation rate 0.5% 55 (46) 1,007 (822)
Life expectancy at age 65 1 year 38 (39) 714 (735)
Revenue from contracts with customers During the fourth quarter of 2023, we recognized $86 million of
We are required to make estimates that affect the amount of revenue impairment charges for French TV channels within our Bell Media
from contracts with customers, including estimating the stand-alone segment. The impairment charges were the result of a reduction in
selling prices of products and services. advertising demand in the industry resulting from economic uncertainties
and unfavourable impacts to market-based valuation assumptions.
For bundled arrangements, we account for individual products and
These charges included $41 million allocated to indefinite-life intangible
services when they are separately identifiable and the customer can
assets for broadcast licences and brands, and $45 million to finite-life
benefit from the product or service on its own or with other readily
intangible assets for program and feature film rights. The impairment
available resources. The total arrangement consideration is allocated to
was determined by comparing the carrying value of the cash generating
each product or service included in the contract with the customer based
units (CGUs) to their fair value less cost of disposal. We estimated the
on its stand-alone selling price. We generally determine stand-alone
fair value of the CGUs using both discounted cash flows and market-
selling prices based on the observable prices at which we sell products
based valuation models, which include five-year cash flow projections
separately without a service contract and prices for non-bundled
derived from business plans reviewed by senior management for the
service offers with the same range of services, adjusted for market
period of October 1, 2023 to December 31, 2028, using a discount rate
conditions and other factors, as appropriate. When similar products
of 9.5% and a perpetuity growth rate of 0.0%. After impairments, the
and services are not sold separately, we use the expected cost plus
carrying value of our impacted CGU was $62 million.
margin approach to determine stand-alone selling prices. Products
and services purchased by a customer in excess of those included in Additionally in 2023, we recorded impairment charges of $57 million
the bundled arrangement are accounted for separately. related mainly to right-of-use assets for certain office spaces we
ceased using as part of our real estate optimization strategy as a result
Impairment of non-financial assets of our hybrid work policy.
Goodwill and indefinite-life intangible assets are tested for impairment There was no impairment of Bell Media goodwill.
annually or when there is an indication that the asset may be impaired.
During the fourth quarter of 2022, we recognized $147 million of

Property, plant and equipment and finite-life intangible assets are tested
impairment charges for French TV channels within our Bell Media
for impairment if events or changes in circumstances, assessed at
segment. The impairment charges were the result of a reduction in
each reporting period, indicate that their carrying amount may not be
advertising demand in the industry resulting from economic uncertainties
recoverable. For the purpose of impairment testing, assets other than
and unfavourable impacts to assumptions for discount rates. These
goodwill are grouped at the lowest level for which there are separately
charges included $94 million allocated to indefinite-life intangible assets
identifiable cash inflows.
for broadcast licences, and $53 million to finite-life intangible assets for
Impairment losses are recognized and measured as the excess of the program and feature film rights. The impairment was determined by
carrying value of the assets over their recoverable amount. An asset’s comparing the carrying value of the CGUs to their fair value less cost of
10
recoverable amount is the higher of its fair value less costs of disposal disposal. We estimated the fair value of the CGUs using the discounted
and its value in use. Previously recognized impairment losses, other than cash flow valuation models, which include five-year cash flow projections
those attributable to goodwill, are reviewed for possible reversal at each derived from business plans reviewed by senior management for the
reporting date and, if the asset’s recoverable amount has increased, period of October 1, 2022 to December 31, 2027, using a discount rate
all or a portion of the impairment is reversed. of 10.3% and a perpetuity growth rate of 0.5%. After impairments, the
We make a number of estimates when calculating recoverable amounts carrying value of our impacted CGUs was $109 million.
using discounted future cash flows or other valuation methods to test Additionally in 2022, we recorded impairment charges of $132 million
for impairment. These estimates include the assumed growth rates for related mainly to right-of-use assets for certain office spaces we
future cash flows, the number of years used in the cash flow model and ceased using as part of our real estate optimization strategy as a result
the discount rate. When impairment charges occur they are recorded of our hybrid work policy.
in Impairment of assets.

Goodwill impairment testing Leases
We perform an annual test for goodwill impairment in the fourth quarter The application of IFRS 16 requires us to make estimates that affect the
for each of our CGUs or groups of CGUs to which goodwill is allocated, measurement of right-of-use assets and liabilities, including determining
and whenever there is an indication that goodwill might be impaired. the appropriate discount rate used to measure lease liabilities. Lease
liabilities are initially measured at the present value of the lease payments
A CGU is the smallest identifiable group of assets that generates cash
that are not paid at the commencement date, discounted using our
inflows that are independent of the cash inflows from other assets or
incremental borrowing rate, unless the rate implicit in the lease is
groups of assets.
readily determinable. Our incremental borrowing rate is derived from
We identify any potential impairment by comparing the carrying value publicly available risk-free interest rates, adjusted for applicable credit
of a CGU or group of CGUs to its recoverable amount. The recoverable spreads and lease terms. We apply a single incremental borrowing rate
amount of a CGU or group of CGUs is the higher of its fair value less to a portfolio of leases with similar characteristics.
costs of disposal and its value in use. Both fair value less costs of disposal
and value in use are based on estimates of discounted future cash Fair value of financial instruments
flows or other valuation methods. Cash flows are projected based on Certain financial instruments, such as investments in equity securities,
past experience, actual operating results and business plans, including derivative financial instruments and certain elements of borrowings, are
any impact from changes in interest rates and inflation. When the carried in the statements of financial position at fair value, with changes
recoverable amount of a CGU or group of CGUs is less than its carrying in fair value reflected in the income statements and the statements
value, the recoverable amount is determined for its identifiable assets of comprehensive income. Fair values are estimated by reference to
and liabilities. The excess of the recoverable amount of the CGU or published price quotations or by using other valuation techniques that
group of CGUs over the total of the amounts assigned to its assets and may include inputs that are not based on observable market data, such
liabilities is the recoverable amount of goodwill. as discounted cash flows and earnings multiples.
An impairment charge is recognized in Impairment of assets in the
Contingencies
income statements for any excess of the carrying value of goodwill
over its recoverable amount. For purposes of impairment testing of In the ordinary course of business, we become involved in various
goodwill, our CGUs or groups of CGUs correspond to our reporting claims and legal proceedings seeking monetary damages and other
segments as disclosed in Note 3, Segmented information, in BCE’s 2023 relief. Pending claims and legal proceedings represent a potential cost
consolidated financial statements. to our business. We estimate the amount of a loss by analyzing potential
outcomes and assuming various litigation and settlement strategies,
Any significant change in each of the estimates used could have a based on information that is available at the time.
material impact on the calculation of the recoverable amount and
resulting impairment charge. As a result, we are unable to reasonably If the final resolution of a legal or regulatory matter results in a judgment
quantify the changes in our overall financial performance if we had against us or requires us to pay a large settlement, it could have a
used different assumptions. material adverse effect on our consolidated financial statements in
the period in which the judgment or settlement occurs.
We cannot predict whether an event that triggers impairment will occur,

when it will occur or how it will affect the asset values we have reported. Onerous contracts
We believe that any reasonable possible change in the key assumptions A provision for onerous contracts is recognized when the unavoidable
on which the estimate of recoverable amount of the Bell CTS group costs of meeting our obligations under a contract exceed the expected
of CGUs is based would not cause its carrying amount to exceed its benefits to be received under the contract. The provision is measured
recoverable amount. at the present value of the lower of the expected cost of terminating
the contract and the expected net cost of completing the contract.
For the Bell Media group of CGUs, a decrease of (0.3%) in the perpetuity
growth rate or an increase of 0.2% in the discount rate would have Judgments
resulted in its recoverable amount being equal to its carrying value.
10
Post-employment benefit plans
There were no goodwill impairment charges in 2023 or 2022.
The determination of the discount rate used to value our post-
Deferred taxes employment benefit obligations requires judgment. The rate is set by
reference to market yields of long-term, high-quality corporate fixed
Deferred tax assets and liabilities are calculated at the tax rates that
income investments at the beginning of each fiscal year. Significant
are expected to apply when the asset or liability is recovered or settled.
judgment is required when setting the criteria for fixed income
Both our current and deferred tax assets and liabilities are calculated
investments to be included in the population from which the yield curve
using tax rates that have been enacted or substantively enacted at
is derived. The most significant criteria considered for the selection of
the reporting date.
investments include the size of the issue and credit quality, along with
Deferred taxes are provided on temporary differences arising from the identification of outliers, which are excluded.
investments in subsidiaries, joint arrangements and associates, except
where we control the timing of the reversal of the temporary difference
and it is probable that the temporary difference will not reverse in the
foreseeable future.
The amounts of deferred tax assets and liabilities are estimated with
consideration given to the timing, sources and amounts of future
taxable income.
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Income taxes with other readily available resources. When our right to consideration
The calculation of income taxes requires judgment in interpreting tax rules from a customer corresponds directly with the value to the customer of
and regulations. There are transactions and calculations for which the the products and services transferred to date, we recognize revenue in
ultimate tax determination is uncertain. Our tax filings are also subject the amount to which we have a right to invoice. We recognize product
to audits, the outcome of which could change the amount of current revenues from the sale of wireless handsets and devices and wireline
and deferred tax assets and liabilities. Management believes that it equipment when a customer takes possession of the product. We
has sufficient amounts accrued for outstanding tax matters based on recognize service revenues over time, as the services are provided.
information that currently is available. Revenues on certain long-term contracts are recognized using output
methods based on products delivered, performance completed to date,
Management judgment is used to determine the amounts of deferred tax time elapsed or milestones met.
assets and liabilities to be recognized. In particular, judgment is required
when assessing the timing of the reversal of temporary differences to Additionally, the determination of costs to obtain a contract, including the
which future income tax rates are applied. identification of incremental costs, also requires judgment. Incremental
costs of obtaining a contract with a customer, principally comprised of
Leases sales commissions, and prepaid contract fulfillment costs are included
The application of IFRS 16 requires us to make judgments that affect in Contract costs in the statements of financial position, except where
the measurement of right-of-use assets and liabilities. A lease contract the amortization period is one year or less, in which case costs of
conveys the right to control the use of an identified asset for a period obtaining a contract are immediately expensed. Capitalized costs are
of time in exchange for consideration. At inception of the contract, we amortized on a systematic basis that is consistent with the period and
assess whether the contract contains an identified asset, whether pattern of transfer to the customer of the related products or services.
we have the right to obtain substantially all of the economic benefits
CGUs
from use of the asset and whether we have the right to direct how and
for what purpose the asset is used. In determining the lease term, we The determination of CGUs or groups of CGUs for the purpose of
include periods covered by renewal options when we are reasonably impairment testing requires judgment.
certain to exercise those options. Similarly, we include periods covered
Contingencies
by termination options when we are reasonably certain not to exercise
The determination of whether a loss is probable from claims and legal
those options. To assess if we are reasonably certain to exercise an
proceedings and whether an outflow of resources is likely requires
option, we consider all facts and circumstances that create an economic
judgment.
incentive to exercise renewal options (or not exercise termination
options). Economic incentives include the costs related to the termination We accrue a potential loss if we believe a loss is probable and an outflow
of the lease, the significance of any leasehold improvements and the of resources is likely and can be reasonably estimated, based on
importance of the underlying assets to our operations. information that is available at the time. Any accrual would be charged
to earnings and included in Trade payables and other liabilities or Other
Revenue from contracts with customers non-current liabilities. Any payment as a result of a judgment or cash
The identification of performance obligations within a contract and settlement would be deducted from cash from operating activities. We
the timing of satisfaction of performance obligations under long-term estimate the amount of a loss by analyzing potential outcomes and
contracts requires judgment. For bundled arrangements, we account for assuming various litigation and settlement strategies.
individual products and services when they are separately identifiable
and the customer can benefit from the product or service on its own or
Adoption of amended accounting standards

As required, we adopted the following amendments to accounting standards issued by the IASB.
10
Standard Description Impact
Disclosure of Accounting These amendments require that entities disclose material These amendments were adopted effective with our annual
Policies – Amendments accounting policies, as defined, instead of significant financial statements for the year ended December 31, 2023
to IAS 1 – Presentation accounting policies. and did not result in any significant changes to our financial
of Financial Statements statements.
International Tax These amendments require that entities apply IAS 12 to income In May 2023, we adopted the amendments to IAS 12
Reform – Pillar Two Model taxes arising from tax law enacted or substantively enacted retrospectively. As required, we applied the exception and do
Rules – Amendments to implement the Pillar Two model rules published by the not recognize or disclose information about deferred tax assets
to IAS 12 – Income Taxes Organisation for Economic Co-operation and Development, and liabilities related to Pillar Two.
including tax law that implements qualified domestic The adoption of these amendments did not have a significant
minimum top-up taxes described in those rules (Pillar Two). impact on our financial statements.
As an exception to the requirements in IAS 12, entities do not
recognize or disclose information about deferred tax assets
and liabilities related to Pillar Two.

11 Non-GAAP financial measures,
other financial measures and
key performance indicators (KPIs)
BCE uses various financial measures to assess its business performance. • Non-GAAP ratios;
Certain of these measures are calculated in accordance with IFRS • Total of segments measures;
or GAAP while certain other measures do not have a standardized
• Capital management measures; and
meaning under GAAP. We believe that our GAAP financial measures,
read together with adjusted non-GAAP and other financial measures, • Supplementary financial measures.
MD&A Non-GAAP financial measures, other financial measures and key performance indicators (KPIs)
provide readers with a better understanding of how management This section provides a description and classification of the specified
assesses BCE’s performance. financial measures contemplated by NI 52-112 that we use to explain our
financial results except that, for supplementary financial measures, an
National Instrument 52-112, Non-GAAP and Other Financial Measures
explanation of such measures is provided where they are first referred
Disclosure (NI 52-112), prescribes disclosure requirements that apply
to in this MD&A if the supplementary financial measures’ labelling is
to the following specified financial measures:
not sufficiently descriptive.
• Non-GAAP financial measures;
11.1 Non-GAAP financial measures

A non-GAAP financial measure is a financial measure used to depict our non-GAAP financial measures are reflective of our ongoing operating
historical or expected future financial performance, financial position or results and provide readers with an understanding of management’s
cash flow and, with respect to its composition, either excludes an amount perspective on and analysis of our performance.
that is included in, or includes an amount that is excluded from, the Below are descriptions of the non-GAAP financial measures that we
composition of the most directly comparable financial measure disclosed use to explain our results as well as reconciliations to the most directly
in BCE’s consolidated primary financial statements. We believe that comparable IFRS financial measures.
Adjusted net earnings

The term adjusted net earnings does not have any standardized meaning We use adjusted net earnings and we believe that certain investors and
under IFRS. Therefore, it is unlikely to be comparable to similar measures analysts use this measure, among other ones, to assess the performance
presented by other issuers. of our businesses without the effects of severance, acquisition and
other costs, net mark-to-market losses (gains) on derivatives used
We define adjusted net earnings as net earnings attributable to common
to economically hedge equity settled share-based compensation
shareholders before severance, acquisition and other costs, net mark-
plans, net equity losses (gains) on investments in associates and joint
to-market losses (gains) on derivatives used to economically hedge
ventures, net losses (gains) on investments, early debt redemption costs,
equity settled share-based compensation plans, net equity losses (gains)
impairment of assets and discontinued operations, net of tax and NCI.
on investments in associates and joint ventures, net losses (gains) on
We exclude these items because they affect the comparability of our
investments, early debt redemption costs, impairment of assets and
financial results and could potentially distort the analysis of trends in
discontinued operations, net of tax and NCI.
business performance. Excluding these items does not imply they are
11
non-recurring.
The most directly comparable IFRS financial measure is net earnings
attributable to common shareholders.
163
The following table is a reconciliation of net earnings attributable to common shareholders to adjusted net earnings on a consolidated basis.
Q4 2023 Q4 2022 2023 2022
Net earnings attributable to common shareholders 382 528 2,076 2,716

Reconciling items:
Severance, acquisition and other costs 41 19 200 94
Net mark-to-market (gains) losses on derivatives used to economically
hedge equity settled share-based compensation plans (6) (27) 103 53
Net equity losses on investments in associates and joint ventures 204 – 581 42
Net (gains) losses on investments (2) 29 (80) (24)
Early debt redemption costs – – 1 18
Impairment of assets 109 150 143 279
Income taxes for the above reconciling items (39) (37) (100) (117)
NCI for the above reconciling items 2 (8) 2 (4)
Adjusted net earnings 691 654 2,926 3,057

Adjusted net interest expense

The term adjusted net interest expense does not have any standardized ratio and the net debt leverage ratio, we are simplifying our internal
meaning under IFRS. Therefore, it is unlikely to be comparable to similar targets to reflect the net debt leverage ratio only and will not report
measures presented by other issuers. against adjusted EBITDA to adjusted net interest expense in the future.
We believe that this ratio is of less relative importance to our investors,
We define adjusted net interest expense as twelve-month trailing net
lenders and other stakeholders as a measure of the strength of our
interest expense as shown in our consolidated statements of cash
capital structure.
flows, plus 50% of twelve-month trailing net earnings attributable to
preferred shareholders as shown in our consolidated income statements. The most directly comparable IFRS financial measure is net interest
expense. The following table is a reconciliation of net interest expense
Adjusted net interest expense is a component in the calculation of
to adjusted net interest expense on a consolidated basis.
the adjusted EBITDA to adjusted net interest expense ratio, which is
a capital management measure. For further details on the adjusted 2023 2022
EBITDA to adjusted net interest expense ratio, see section 11.4, Capital Net interest expense 1,408 1,124
management measures. In 2022 and 2023, we used, and believe that 50% of net earnings attributable
certain investors and analysts used, the adjusted EBITDA to adjusted net to preferred shareholders 94 76
interest expense ratio, among other measures, to evaluate the financial
Adjusted net interest expense 1,502 1,200
health of the company. However, given the correlation between this
Available liquidity
The term available liquidity does not have any standardized meaning The following table is a reconciliation of cash to available liquidity on
under IFRS. Therefore, it is unlikely to be comparable to similar measures a consolidated basis.
presented by other issuers. December 31, 2023 December 31, 2022
We define available liquidity as cash, cash equivalents, short-term Cash 547 99
investments and amounts available under our securitized receivables Cash equivalents 225 50
program and our committed bank credit facilities, excluding credit Short-term investments 1,000 –
facilities that are available exclusively for a pre-determined purpose. Amounts available under our
In Q4 2023, we updated our definition of available liquidity to account
11
securitized receivables program (1) 700 700

for short-term investments as these funds are liquid and can be used to Amounts available under our
meet our cash requirements. This change does not impact the available committed bank credit facilities (2) 3,303 2,651
liquidity amounts previously presented.
Available liquidity 5,775 3,500
We consider available liquidity to be an important indicator of the
(1) At December 31, 2023 and December 31, 2022, $700 million was available under our
financial strength and performance of our businesses because it shows securitized receivables program, under which we borrowed $1,200 million in U.S. dollars
the funds available to meet our cash requirements, including for, but ($1,588 million in Canadian dollars) and $1,173 million in U.S. dollars ($1,588 million in
Canadian dollars) as at December 31, 2023 and December 31, 2022, respectively. Loans
not limited to, capital expenditures, post-employment benefit plans secured by receivables are included in Debt due within one year in our consolidated
funding, dividend payments, the payment of contractual obligations, financial statements.
(2) At December 31, 2023 and December 31, 2022, respectively, $3,303 million and $2,651 million
maturing debt, ongoing operations, the acquisition of spectrum, and other were available under our committed bank credit facilities, given outstanding commercial
cash requirements. We believe that certain investors and analysts use paper of $149 million in U.S. dollars ($197 million in Canadian dollars) and $627 million in
U.S. dollars ($849 million in Canadian dollars) as at December 31, 2023 and December 31,
available liquidity to evaluate the financial strength and performance of 2022, respectively. Commercial paper outstanding is included in Debt due within one year
our businesses. The most directly comparable IFRS financial measure in our consolidated financial statements.
is cash.

Free cash flow and excess free cash flow
The terms free cash flow and excess free cash flow do not have any We define excess free cash flow as free cash flow less dividends paid
standardized meaning under IFRS. Therefore, they are unlikely to be on common shares.
comparable to similar measures presented by other issuers. We consider free cash flow and excess free cash flow to be important
We define free cash flow as cash flows from operating activities, indicators of the financial strength and performance of our businesses.
excluding cash from discontinued operations, acquisition and other Free cash flow shows how much cash is available to pay dividends
costs paid (which include significant litigation costs) and voluntary on common shares, repay debt and reinvest in our company. Excess
pension funding, less capital expenditures, preferred share dividends and free cash flow shows how much cash is available to repay debt and
dividends paid by subsidiaries to NCI. We exclude cash from discontinued reinvest in our company, after the payment of dividends on common
operations, acquisition and other costs paid and voluntary pension shares. We believe that certain investors and analysts use free cash
funding because they affect the comparability of our financial results and flow and excess free cash flow to value a business and its underlying
could potentially distort the analysis of trends in business performance. assets and to evaluate the financial strength and performance of our
Excluding these items does not imply they are non-recurring. businesses. The most directly comparable IFRS financial measure is
cash flows from operating activities.
The following tables provide reconciliations of cash flows from operating activities to free cash flow and excess free cash flow on a consolidated basis.
2023 Q4 2023 Q3 2023 Q2 2023 Q1 2023
Cash flows from operating activities 7,946 2,373 1,961 2,365 1,247
Capital expenditures (4,581) (1,029) (1,159) (1,307) (1,086)
Cash dividends paid on preferred shares (182) (46) (35) (46) (55)
Cash dividends paid by subsidiaries to NCI (47) (12) (13) (1) (21)
Acquisition and other costs paid 8 3 – 5 –
Free cash flow 3,144 1,289 754 1,016 85

Dividends paid on common shares (3,486) (882) (883) (882) (839)
Excess free cash flow (342) 407 (129) 134 (754)
2022 Q4 2022 Q3 2022 Q2 2022 Q1 2022 2021
Cash flows from operating activities 8,365 2,056 1,996 2,597 1,716 8,008
Capital expenditures (5,133) (1,638) (1,317) (1,219) (959) (4,852)
Cash dividends paid on preferred shares (136) (42) (27) (34) (33) (125)
Cash dividends paid by subsidiaries to NCI (39) (3) (11) (14) (11) (86)
Acquisition and other costs paid 10 3 1 3 3 35
Free cash flow 3,067 376 642 1,333 716 2,980

Dividends paid on common shares (3,312) (839) (839) (839) (795) (3,132)
Excess free cash flow (245) (463) (197) 494 (79) (152)
Net debt
The term net debt does not have any standardized meaning under Net debt is calculated using several asset and liability categories from
IFRS. Therefore, it is unlikely to be comparable to similar measures the statements of financial position. The most directly comparable IFRS
presented by other issuers. financial measure is long-term debt. The following table is a reconciliation
11
of long-term debt to net debt on a consolidated basis.
We define net debt as debt due within one year plus long-term debt and
50% of preferred shares, less cash, cash equivalents and short-term December 31, 2023 December 31, 2022
investments, as shown in BCE’s consolidated statements of financial Long-term debt 31,135 27,783
position. We include 50% of outstanding preferred shares in our net Debt due within one year 5,042 4,137
debt as it is consistent with the treatment by certain credit rating 50% of preferred shares 1,834 1,935
agencies. In Q4 2023, we updated our definition of net debt to account Cash (547) (99)
for short-term investments as these funds are liquid and may be used Cash equivalents (225) (50)
to repay the debt due within one year. This change does not impact the
Short-term investments (1,000) –
net debt amounts previously presented.
Net debt 36,239 33,706
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, cash equivalents and short-term investments.
We believe that certain investors and analysts use net debt to determine
a company’s financial leverage.
165
11.2 Non-GAAP ratios
A non-GAAP ratio is a financial measure disclosed in the form of a ratio, fraction, percentage or similar representation and that has a non-GAAP
financial measure as one or more of its components.
Adjusted EPS
The term adjusted EPS does not have any standardized meaning under businesses without the effects of severance, acquisition and other costs,
IFRS. Therefore, it is unlikely to be comparable to similar measures net mark-to-market losses (gains) on derivatives used to economically
presented by other issuers. hedge equity settled share-based compensation plans, net equity losses
(gains) on investments in associates and joint ventures, net losses (gains)
We define adjusted EPS as adjusted net earnings per BCE common
on investments, early debt redemption costs, impairment of assets and
share. Adjusted net earnings is a non-GAAP financial measure. For
discontinued operations, net of tax and NCI. We exclude these items
further details on adjusted net earnings, see section 11.1, Non-GAAP
because they affect the comparability of our financial results and
financial measures.
could potentially distort the analysis of trends in business performance.

We use adjusted EPS, and we believe that certain investors and analysts Excluding these items does not imply they are non-recurring.
use this measure, among other ones, to assess the performance of our
Dividend payout ratio

The term dividend payout ratio does not have any standardized meaning measure. For further details on free cash flow, see section 11.1, Non-GAAP
under IFRS. Therefore, it is unlikely to be comparable to similar measures financial measures.
presented by other issuers. We consider dividend payout ratio to be an important indicator of the
We define dividend payout ratio as dividends paid on common shares financial strength and performance of our businesses because it shows
divided by free cash flow. Free cash flow is a non-GAAP financial the sustainability of the company’s dividend payments.
11.3 Total of segments measures

A total of segments measure is a financial measure that is a subtotal or total of 2 or more reportable segments and is disclosed within the Notes
to BCE’s consolidated primary financial statements.
Adjusted EBITDA
We define adjusted EBITDA as operating revenues less operating costs as shown in BCE’s consolidated income statements.
The most directly comparable IFRS financial measure is net earnings. The following tables provide reconciliations of net earnings to adjusted
EBITDA on a consolidated basis.
2023 Q4 2023 Q3 2023 Q2 2023 Q1 2023
Net earnings 2,327 435 707 397 788

Severance, acquisition and other costs 200 41 10 100 49
Depreciation 3,745 954 937 936 918
Amortization 1,173 299 295 296 283
Finance costs
Interest expense 1,475 399 373 359 344
11
Net return on post-employment benefit plans (108) (27) (27) (27) (27)
Impairment of assets 143 109 – – 34
Other expense (income) 466 147 129 311 (121)
Income taxes 996 210 243 273 270
Adjusted EBITDA 10,417 2,567 2,667 2,645 2,538

2022 Q4 2022 Q3 2022 Q2 2022 Q1 2022 2021
Net earnings 2,926 567 771 654 934 2,892

Severance, acquisition and other costs 94 19 22 40 13 209
Depreciation 3,660 922 914 933 891 3,627
Amortization 1,063 270 267 266 260 982
Finance costs
Interest expense 1,146 319 298 269 260 1,082
Net (return) expense on
post-employment benefit plans (51) (13) (13) (7) (18) 20
Impairment of assets 279 150 21 106 2 197
Other expense (income) 115 (19) 130 97 (93) (160)
Income taxes 967 222 178 232 335 1,044
Adjusted EBITDA 10,199 2,437 2,588 2,590 2,584 9,893
11.4 Capital management measures
A capital management measure is a financial measure that is intended The financial reporting framework used to prepare the financial
to enable a reader to evaluate our objectives, policies and processes statements requires disclosure that helps readers assess the company’s
for managing our capital and is disclosed within the Notes to BCE’s capital management objectives, policies, and processes, as set out in
consolidated financial statements. IFRS in IAS 1 – Presentation of Financial Statements. BCE has its own
methods for managing capital and liquidity, and IFRS does not prescribe
any particular calculation method.
Adjusted EBITDA to adjusted net interest expense ratio

The adjusted EBITDA to adjusted net interest expense ratio represents In 2022 and 2023, we used, and believe that certain investors and
adjusted EBITDA divided by adjusted net interest expense. For the analysts used, the adjusted EBITDA to adjusted net interest expense
purposes of calculating our adjusted EBITDA to adjusted net interest ratio, among other measures, to evaluate the financial health of the
expense ratio, adjusted EBITDA is twelve-month trailing adjusted EBITDA. company. However, given the correlation between this ratio and the net
Adjusted net interest expense used in the calculation of the adjusted debt leverage ratio, we are simplifying our internal targets to reflect
EBITDA to adjusted net interest expense ratio is a non-GAAP financial the net debt leverage ratio only and will not report against adjusted
measure defined as twelve-month trailing net interest expense as shown EBITDA to adjusted net interest expense in the future. We believe that
in our consolidated statements of cash flows, plus 50% of twelve-month this ratio is of less relative importance to our investors, lenders and
trailing net earnings attributable to preferred shareholders as shown other stakeholders as a measure of the strength of our capital structure.
in our consolidated income statements. For further details on adjusted
net interest expense, see section 11.1, Non-GAAP financial measures.
Net debt leverage ratio

The net debt leverage ratio represents net debt divided by adjusted We use, and believe that certain investors and analysts use, the net
EBITDA. Net debt used in the calculation of the net debt leverage ratio debt leverage ratio as a measure of financial leverage.
is a non-GAAP financial measure. For further details on net debt, see
section 11.1, Non-GAAP financial measures. For the purposes of calculating
11
our net debt leverage ratio, adjusted EBITDA is twelve-month trailing
adjusted EBITDA.
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11.5 Supplementary financial measures
A supplementary financial measure is a financial measure that is not An explanation of such measures is provided where they are first
reported in BCE’s consolidated financial statements, and is, or is intended referred to in this MD&A if the supplementary financial measures’
to be, reported periodically to represent historical or expected future labelling is not sufficiently descriptive.
financial performance, financial position, or cash flows.
11.6 KPIs
In addition to the non-GAAP financial measures and other financial measures described previously, we use the following 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.
KPI Definition
Adjusted EBITDA margin Adjusted EBITDA margin is defined as adjusted EBITDA divided by operating revenues.
ARPU Effective Q1 2023, as a result of the segment reporting changes impacting intersegment eliminations, ARPU has been updated and
is defined as Bell CTS wireless external services revenues (previously wireless operating service revenues) divided by the average
mobile phone subscriber base for the specified period, expressed as a dollar unit per month.
Capital intensity Capital intensity is defined as capital expenditures divided by operating revenues.
Churn Mobile phone churn is the rate at which existing mobile phone subscribers cancel their services. It is a measure of our ability
to retain our customers. Mobile phone churn is calculated by dividing the number of mobile phone deactivations during a given
period by the average number of mobile phone subscribers in the base for the specified period and is expressed as a percentage
per month.
Subscriber unit Mobile phone subscriber unit is comprised of a recurring revenue-generating portable unit (e.g. smartphones and feature phones)
on an active service plan, that has access to our wireless networks and includes voice, text and/or data connectivity. We report
mobile phone subscriber units in two categories: postpaid and prepaid. Prepaid mobile phone subscriber units are considered
active for a period of 90 days following the expiry of the subscriber’s prepaid balance.
Mobile connected device subscriber unit is comprised of a recurring revenue-generating portable unit (e.g. tablets, wearables,
mobile Internet devices and IoT) on an active service plan, that has access to our wireless networks and is intended for limited
or no cellular voice capability.
Wireline subscriber unit consists of an active revenue-generating unit with access to our services, including retail Internet,
satellite TV, IPTV, and/or residential 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 residential NAS subscribers are based on a line count and are represented by a unique telephone number
11

12 Effectiveness of internal controls
Disclosure controls and procedures
Our disclosure controls and procedures are designed to provide As at December 31, 2023, management evaluated, under the supervision
reasonable assurance that information required to be disclosed by of and with the participation of the CEO and the CFO, the effectiveness
us in reports filed or submitted under Canadian and U.S. securities of our disclosure controls and procedures, as defined in Rule 13a-15(e)
laws is recorded, processed, summarized and reported within the time under the U.S. Securities Exchange Act of 1934, as amended, and under
periods specified under those laws, and include controls and procedures National Instrument 52-109 – Certification of Disclosure in Issuers’
that are designed to ensure that the information is accumulated and Annual and Interim Filings.
communicated to management, including BCE’s President and CEO and Based on that evaluation, the CEO and CFO concluded that our disclosure
Executive Vice-President and CFO, to allow timely decisions regarding controls and procedures were effective as at December 31, 2023.
required disclosure.
Internal control over financial reporting

Management is responsible for establishing and maintaining adequate Management evaluated, under the supervision of and with the
internal control over financial reporting, as defined in Rule 13a-15(f) participation of the CEO and the CFO, the effectiveness of our internal
under the U.S. Securities Exchange Act of 1934, as amended, and under control over financial reporting as at December 31, 2023, based on the
National Instrument 52-109. Our internal control over financial reporting criteria established in Internal Control – Integrated Framework (2013)
is a process designed under the supervision of the CEO and CFO, and issued by the Committee of Sponsoring Organizations of the Treadway
effected by the Board, management and other personnel of BCE, to Commission (COSO).
provide reasonable assurance regarding the reliability of financial Based on that evaluation, the CEO and CFO concluded that our internal
reporting and the preparation of financial statements for external control over financial reporting was effective as at December 31, 2023.
purposes in accordance with IFRS as issued by the IASB. However,
because of its inherent limitations, internal control over financial
reporting may not prevent or detect misstatements on a timely basis.
Changes in internal control over financial reporting

No changes were made in our internal control over financial reporting during the year ended December 31, 2023 that have materially affected,
or are reasonably likely to materially affect, our internal control over financial reporting.
MD&A Effectiveness of internal controls

12
169
Reports on internal controls
Management’s report on internal control over financial reporting
The management of BCE Inc. (BCE) is responsible for establishing and Based on that evaluation, the President and Chief Executive Officer and
maintaining adequate internal control over financial reporting. Our the Executive Vice-President and Chief Financial Officer concluded
internal control over financial reporting is a process designed under that our internal control over financial reporting was effective as at
the supervision of the President and Chief Executive Officer and the December 31, 2023. There were no material weaknesses that have
Executive Vice-President and Chief Financial Officer and effected by the been identified by BCE’s management in internal control over financial
board of directors, management and other personnel of BCE, to provide reporting as at December 31, 2023.
reasonable assurance regarding the reliability of financial reporting Our internal control over financial reporting as at December 31, 2023 has
and the preparation of financial statements for external purposes in been audited by Deloitte LLP, independent registered public accounting
accordance with International Financial Reporting Standards (IFRS) as firm, who also audited our consolidated financial statements for the year
issued by the International Accounting Standards Board (IASB). ended December 31, 2023. Deloitte LLP issued an unqualified opinion
Due to its inherent limitations, internal control over financial reporting on the effectiveness of our internal control over financial reporting as
may not prevent or detect misstatements on a timely basis. Also, at December 31, 2023.
projections of any evaluation of the effectiveness of internal control
over financial reporting to future periods are subject to the risk that the (signed) Mirko Bibic
controls may become inadequate because of changes in conditions, President and Chief Executive Officer
or that the degree of compliance with the policies or procedures may
deteriorate.
(signed) Curtis Millen
Management evaluated, under the supervision of and with the Executive Vice-President and Chief Financial Officer
participation of the President and Chief Executive Officer and the
Executive Vice-President and Chief Financial Officer, the effectiveness
of our internal control over financial reporting as at December 31, (signed) Thierry Chaumont
2023, based on the criteria established in Internal Control – Integrated Senior Vice-President, Controller and Tax
Framework (2013) issued by the Committee of Sponsoring Organizations March 7, 2024
of the Treadway Commission (COSO).

Report of independent registered public accounting firm
To the shareholders and the Board of Directors of BCE Inc.
Opinion on internal control over Definition and limitations of internal control

financial reporting over financial reporting
We have audited the internal control over financial reporting of BCE Inc. A company’s internal control over financial reporting is a process
and subsidiaries (the “Company”) as of December 31, 2023, based on designed to provide reasonable assurance regarding the reliability
criteria established in Internal Control – Integrated Framework (2013) of financial reporting and the preparation of financial statements for
issued by the Committee of Sponsoring Organizations of the Treadway external purposes in accordance with generally accepted accounting
Commission (COSO). In our opinion, the Company maintained, in all principles. A company’s internal control over financial reporting includes
material respects, effective internal control over financial reporting as those policies and procedures that (1) pertain to the maintenance of
of December 31, 2023 based on criteria established in Internal Control – records that, in reasonable detail, accurately and fairly reflect the
Integrated Framework (2013) issued by COSO. transactions and dispositions of the assets of the company; (2) provide
reasonable assurance that transactions are recorded as necessary
We have also audited, in accordance with the standards of the Public
to permit preparation of financial statements in accordance with
Company Accounting Oversight Board (United States) (PCAOB) the
generally accepted accounting principles, and that receipts and
consolidated financial statements as at and for the year ended
expenditures of the company are being made only in accordance
December 31, 2023, of the Company and our report dated March 7,
with authorizations of management and directors of the company;
2024, expressed an unqualified opinion on those financial statements.
and (3) provide reasonable assurance regarding prevention or timely
Basis for opinion detection of unauthorized acquisition, use, or disposition of the company’s
assets that could have a material effect on the financial statements.
The Company’s management is responsible for maintaining effective
internal control over financial reporting and for its assessment of the Because of its inherent limitations, internal control over financial
effectiveness of internal control over financial reporting, included in the reporting may not prevent or detect misstatements. Also, projections
accompanying Management’s Report on Internal Control over Financial of any evaluation of effectiveness to future periods are subject to
Reporting. Our responsibility is to express an opinion on the Company’s the risk that controls may become inadequate because of changes
internal control over financial reporting based on our audit. We are a in conditions, or that the degree of compliance with the policies or
public accounting firm registered with the PCAOB and are required to procedures may deteriorate.
be independent with respect to the Company in accordance with the
U.S. federal securities laws and the applicable rules and regulations of /s/ Deloitte LLP
the Securities and Exchange Commission and the PCAOB. Chartered Professional Accountants
We conducted our audit in accordance with the standards of the PCAOB. Montréal, Canada
Those standards require that we plan and perform the audit to obtain March 7, 2024

reasonable assurance about whether effective internal control over
financial reporting was maintained in all material respects. Our audit
included obtaining an understanding of internal control over financial
reporting, assessing the risk that a material weakness exists, testing and
evaluating the design and operating effectiveness of internal control
based on the assessed risk, and performing such other procedures as
we considered necessary in the circumstances. We believe that our
audit provides a reasonable basis for our opinion.
171
Consolidated financial statements
Table of contents
Management’s responsibility for financial reporting 173
Report of independent registered public accounting firm 174
Consolidated income statements 176
Consolidated statements of comprehensive income 176
Consolidated statements of financial position 177
Consolidated statements of changes in equity 178
Consolidated statements of cash flows 179
Notes to consolidated financial statements 180

Note 1 Corporate information 180
Note 2 Material accounting policies 180
Note 3 Segmented information 188
Note 4 Business acquisitions and disposition 190
Note 5 Operating costs 192
Note 6 Severance, acquisition and other costs 192
Note 7 Interest expense 193
Note 8 Impairment of assets 193
Note 9 Other expense 194
Note 10 Income taxes 194
Note 11 Earnings per share 196
Note 12 Trade and other receivables 196
Note 13 Inventory 196
Note 14 Contract assets and liabilities 197
Note 15 Contract costs 197
Note 16 Assets held for sale 197
Note 17 Property, plant and equipment 198
Note 18 Leases 199
Note 19 Intangible assets 200
Note 20 Investments in associates and joint ventures 201
Note 21 Other non-current assets 202
Note 22 Goodwill 202
Note 23 Trade payables and other liabilities 203

Note 24 Debt due within one year 203
Note 25 Long-term debt 204
Note 26 Provisions 206
Note 27 Post-employment benefit plans 206
Note 28 Other non-current liabilities 209
Note 29 Financial and capital management 210
Note 30 Share capital 214
Note 31 Share-based payments 216
Note 32 Additional cash flow information 217
Note 33 Remaining performance obligations 218
Note 34 Commitments and contingencies 219
Note 35 Related party transactions 220
Note 36 Significant partly-owned subsidiary 221

Management’s responsibility for financial reporting
These financial statements form the basis for all of the financial The board of directors has appointed an Audit Committee, which is
information that appears in this report. made up of unrelated and independent directors. The Audit Committee’s
responsibilities include reviewing the financial statements and other
The financial statements and all of the information in this report are
information in this report, and recommending them to the board
the responsibility of the management of BCE Inc. (BCE) and have been
of directors for approval. You will find a description of the Audit
reviewed and approved by the board of directors. The board of directors
Committee’s other responsibilities in this report. The internal auditors
is responsible for ensuring that management fulfills its financial reporting
and the shareholders’ auditors have free and independent access to
responsibilities. Deloitte LLP, Independent Registered Public Accounting
the Audit Committee.
Firm, have audited the financial statements.
Management has prepared the financial statements in accordance
(signed) Mirko Bibic
with International Financial Reporting Standards (IFRS) as issued by
President and Chief Executive Officer
the International Accounting Standards Board. Under these principles,
management has made certain estimates and assumptions that are
reflected in the financial statements and notes. Management believes (signed) Curtis Millen
that these financial statements fairly present BCE’s consolidated financial Executive Vice-President and Chief Financial Officer
position, results of operations and cash flows.
Management has a system of internal controls designed to provide (signed) Thierry Chaumont
reasonable assurance that the financial statements are accurate and Senior Vice-President, Controller and Tax
complete in all material respects. This is supported by an internal audit March 7, 2024
group that reports to the Audit Committee, and includes communication
with employees about policies for ethical business conduct. Management
believes that the internal controls provide reasonable assurance that
our financial records are reliable and form a proper basis for preparing
the financial statements, and that our assets are properly accounted
for and safeguarded.
173
Report of independent registered public accounting firm
To the Shareholders and the Board of Directors of BCE Inc.
Opinion on the financial statements Basis for opinion

We have audited the accompanying consolidated statements of These financial statements are the responsibility of the Company’s
financial position of BCE Inc. and subsidiaries (the “Company”) as management. Our responsibility is to express an opinion on the
at December 31, 2023 and 2022, the related consolidated income Company’s financial statements based on our audits. We are a public
statements, statements of comprehensive income, changes in equity, and accounting firm registered with the PCAOB and are required to be
cash flows, for each of the two years in the period ended December 31, independent with respect to the Company in accordance with the U.S.
2023, and the related notes (collectively referred to as the “financial federal securities laws and the applicable rules and regulations of the
statements”). In our opinion, the financial statements present fairly, Securities and Exchange Commission and the PCAOB.
in all material respects, the financial position of the Company as at
We conducted our audits in accordance with the standards of the
December 31, 2023 and 2022, and its financial performance and its
PCAOB. Those standards require that we plan and perform the audit to
cash flows for each of the two years in the period ended December 31, obtain reasonable assurance about whether the financial statements
2023, in accordance with International Financial Reporting Standards are free of material misstatement, whether due to error or fraud. Our
as issued by the International Accounting Standards Board. audits included performing procedures to assess the risks of material
We have also audited, in accordance with the standards of the Public misstatement of the financial statements, whether due to error or
Company Accounting Oversight Board (United States) (PCAOB), the fraud, and performing procedures that respond to those risks. Such
Company’s internal control over financial reporting as of December 31, procedures included examining, on a test basis, evidence regarding
2023, based on criteria established in Internal Control – Integrated the amounts and disclosures in the financial statements. Our audits
Framework (2013) issued by the Committee of Sponsoring Organizations also included evaluating the accounting principles used and significant
of the Treadway Commission and our report dated March 7, 2024, estimates made by management, as well as evaluating the overall
expressed an unqualified opinion on the Company’s internal control presentation of the financial statements. We believe that our audits
over financial reporting. provide a reasonable basis for our opinion.

Critical audit matter How the Critical Audit Matter Was Addressed in the Audit
The critical audit matter communicated below is a matter arising from the Our audit procedures related to the significant assumptions used by
current-period audit of the financial statements that was communicated management to determine the recoverable amount for Bell Media
or required to be communicated to the audit committee and that (1) included the following, among others:
relates to accounts or disclosures that are material to the financial • Evaluated the effectiveness of controls over the assessment of
statements and (2) involved our especially challenging, subjective, or goodwill and intangible assets for impairment, including those over
complex judgments. The communication of critical audit matters does the significant assumptions;
not alter in any way our opinion on the financial statements, taken as • Evaluated management’s ability to accurately project future operating
a whole, and we are not, by communicating the critical audit matter cash flows by comparing actual results to management’s historical
below, providing a separate opinion on the critical audit matter or on projections;
the accounts or disclosures to which it relates.
• Evaluated the reasonableness of management’s operating cash flow
Goodwill and intangible assets – projections by comparing the projections to:
Bell Media group – refer to notes 2N, 8, 19 and 22 • Historical operating cash flows;
to the financial statements • Analyst and industry reports for the Company and certain of its
Critical Audit Matter Description peer companies, and other relevant publicly available information;
Goodwill and indefinite-life intangible assets for the Bell Media group • Known changes in Bell Media’s operations and the industry in
of cash generating units (“Bell Media”) are tested annually or when which it operates, and the current economic uncertainty from
there is an indication that the asset may be impaired. As a result of the inflationary pressures, which are expected to impact future operating
annual assessment of impairment of goodwill and intangible assets for performance;
Bell Media, management has determined that there is no impairment • Internal communications to management and the Board of Directors;
of goodwill and there is an impairment for intangible assets relating
to the French TV channels. • With the assistance of fair value specialists, evaluated the
reasonableness of the (1) discount rates, and (2) perpetuity growth
When testing goodwill and intangible assets for Bell Media, while there rates by:
are several assumptions that are required to determine the recoverable • Testing the source information underlying the determination of the
amount, the judgments with the highest degree of subjectivity and discount rates;
impact, are the operating cash flow projections, and the determination
• Reviewing relevant internal and external information, including
of discount rates and perpetuity growth rates (“significant assumptions”).
analyst and industry reports, to assess the reasonability of the
Changes in these significant assumptions could have a significant impact
selected discount rates and perpetuity growth rates;
on the recoverable amount of Bell Media, resulting in an impairment
charge to goodwill and/or intangible assets as required. Auditing the • Developing ranges of independent estimates and comparing those

significant assumptions required a high degree of auditor judgment to the discount rates and perpetuity growth rates selected by
and an increased extent of audit effort, which included the involvement management.
of fair value specialists.
/s/ Deloitte LLP
Chartered Professional Accountants
Montréal, Canada
March 7, 2024
We have served as the Company’s auditor since 1880.
175
Consolidated income statements
For the year ended December 31
(in millions of Canadian dollars, except share amounts) Note 2023 2022
Operating revenues 3 24,673 24,174

Operating costs 3, 5 (14,256) (13,975)
Severance, acquisition and other costs 6 (200) (94)
Depreciation 17 (3,745) (3,660)
Amortization 19 (1,173) (1,063)
Finance costs
Interest expense 7 (1,475) (1,146)
Net return on post-employment benefit plans 27 108 51
Impairment of assets 8, 17, 19 (143) (279)
Other expense 9 (466) (115)
Income taxes 10 (996) (967)

Common shareholders 2,076 2,716
Preferred shareholders 187 152
Net earnings per common share – basic and diluted 11 2.28 2.98
Weighted average number of common shares outstanding – basic (millions) 912.2 911.5
Consolidated statements of comprehensive income

(in millions of Canadian dollars) Note 2023 2022

Other comprehensive (loss) income, net of income taxes
Items that will be subsequently reclassified to net earnings
Net change in value of derivatives designated as cash flow hedges, net of income taxes
of $93 million and $118 million for 2023 and 2022, respectively (257) (321)
Items that will not be reclassified to net earnings
Actuarial (losses) gains on post-employment benefit plans, net of income taxes of $149 million
and ($151) million for 2023 and 2022, respectively 27 (404) 415
Net change in value of publicly-traded and privately-held investments, net of income taxes
of ($50) million and ($19) million for 2023 and 2022, respectively 325 30
Net change in value of derivatives designated as cash flow hedges, net of income taxes
of $5 million and ($21) million for 2023 and 2022, respectively (12) 58
Other comprehensive (loss) income (348) 182
Total comprehensive income 1,979 3,108
Total comprehensive income attributable to:

Common shareholders 1,731 2,891
Preferred shareholders 187 152
Total comprehensive income 1,979 3,108

Consolidated statements of financial position
(in millions of Canadian dollars) Note December 31, 2023 December 31, 2022
ASSETS
Current assets
Cash 547 99
Cash equivalents 225 50
Short-term investments 1,000 –
Trade and other receivables 12 4,031 4,138
Inventory 13 465 656
Contract assets 14 443 436
Contract costs 15 633 540
Prepaid expenses 230 244
Other current assets 264 324
Assets held for sale 16 60 –
Total current assets 7,898 6,487
Non-current assets
Contract assets 14 292 288
Contract costs 15 779 603
Property, plant and equipment 17 30,352 29,256
Intangible assets 19 16,609 16,183
Deferred tax assets 10 96 84
Investments in associates and joint ventures 20 323 608
Post-employment benefit assets 27 2,935 3,559
Other non-current assets 21 1,714 1,355
Goodwill 22 10,942 10,906
Total non-current assets 64,042 62,842
Total assets 71,940 69,329
LIABILITIES
Current liabilities
Trade payables and other liabilities 23 4,729 5,221
Contract liabilities 14 811 857
Interest payable 332 281
Dividends payable 910 867
Current tax liabilities 268 106
Debt due within one year 24 5,042 4,137
Liabilities held for sale 16 15 –
Total current liabilities 12,107 11,469

Non-current liabilities
Contract liabilities 14 277 228
Long-term debt 25 31,135 27,783
Deferred tax liabilities 10 4,869 4,953
Post-employment benefit obligations 27 1,278 1,311
Other non-current liabilities 28 1,717 1,070
Total non-current liabilities 39,276 35,345
Total liabilities 51,383 46,814
Commitments and contingencies 34

EQUITY
Equity attributable to BCE shareholders
Preferred shares 30 3,667 3,870
Common shares 30 20,859 20,840
Contributed surplus 30 1,258 1,172
Accumulated other comprehensive loss (42) (55)
Deficit (5,513) (3,649)
Total equity attributable to BCE shareholders 20,229 22,178

Total equity 20,557 22,515
Total liabilities and equity 71,940 69,329
177
Consolidated statements of changes in equity
Attributable to BCE shareholders
Accumulated
other com- Non-
For the year ended December 31, 2023 Preferred Common Contributed prehensive controlling
(in millions of Canadian dollars) Note shares shares surplus (loss) income Deficit Total interest Total equity
Balance at December 31, 2022 3,870 20,840 1,172 (55) (3,649) 22,178 337 22,515
Net earnings – – – – 2,263 2,263 64 2,327
Other comprehensive income (loss) – – – 59 (404) (345) (3) (348)
Total comprehensive income – – – 59 1,859 1,918 61 1,979
Common shares issued under

employee stock option plan 30 – 19 (1) – – 18 – 18
Other share-based compensation 30 – – 24 – (23) 1 – 1
Repurchase of preferred shares 30 (203) – 63 – – (140) – (140)
Dividends declared on BCE common
and preferred shares – – – – (3,717) (3,717) – (3,717)
Dividends declared by subsidiaries
to non-controlling interest – – – – – – (47) (47)
Settlement of cash flow hedges
transferred to the cost basis
of hedged items – – – (29) – (29) – (29)
Disposition of production studios 4 – – – – – – (23) (23)
Other – – – (17) 17 – – –
Attributable to BCE shareholders

Accumulated
other com- Non-
For the year ended December 31, 2022 Preferred Common Contributed prehensive controlling
(in millions of Canadian dollars) Note shares shares surplus income (loss) Deficit Total interest Total equity
Balance at December 31, 2021 4,003 20,662 1,157 213 (3,400) 22,635 306 22,941
Net earnings – – – – 2,868 2,868 58 2,926
Other comprehensive (loss) income – – – (238) 413 175 7 182
Total comprehensive (loss) income – – – (238) 3,281 3,043 65 3,108
Common shares issued under

employee stock option plan 30 – 177 (6) – – 171 – 171
Other share-based compensation 30 – 1 13 – (41) (27) – (27)
Repurchase of preferred shares 30 (133) – 8 – – (125) – (125)
Dividends declared on BCE common
and preferred shares – – – – (3,508) (3,508) – (3,508)
Dividends declared by subsidiaries

to non-controlling interest – – – – – – (39) (39)
Settlement of cash flow hedges
transferred to the cost basis
of hedged items – – – (11) – (11) – (11)
Other – – – (19) 19 – 5 5

Consolidated statements of cash flows
(in millions of Canadian dollars) Note 2023 2022
Cash flows from operating activities

Adjustments to reconcile net earnings to cash flows from operating activities
Severance, acquisition and other costs 6 200 94
Depreciation and amortization 17, 19 4,918 4,723
Post-employment benefit plans cost 27 98 198
Net interest expense 1,408 1,124
Impairment of assets 8 143 279
Gains on investments 9 (80) (24)
Net equity losses from investments in associates and joint ventures 9 581 42
Income taxes 10 996 967
Contributions to post-employment benefit plans 27 (52) (140)
Payments under other post-employment benefit plans 27 (64) (64)
Severance and other costs paid (178) (129)
Interest paid (1,486) (1,197)
Income taxes paid (net of refunds) (700) (749)
Acquisition and other costs paid (8) (10)
Change in contract assets 14 (11) (59)
Change in wireless device financing plan receivables 12 (46) 22
Net change in operating assets and liabilities (100) 362
Cash flows from operating activities 7,946 8,365
Cash flows used in investing activities

Capital expenditures 3 (4,581) (5,133)
Short-term investments (1,000) –
Business acquisitions 4 (222) (429)
Business disposition 4, 9 209 52
Spectrum licences 19 (183) (3)
Other investing activities (4) (4)
Cash flows used in investing activities (5,781) (5,517)
Cash flow used in financing activities

(Decrease) increase in notes payable (646) 111
Increase in securitized receivables 24 – 700
Issue of long-term debt 25 5,195 1,951

Repayment of long-term debt 25 (1,858) (2,023)
Repurchase of financial liability 29 (149) –
Issue of common shares 30 18 171
Purchase of shares for settlement of share-based payments 31 (223) (255)
Repurchase of preferred shares 30 (140) (125)
Cash dividends paid on common shares (3,486) (3,312)
Cash dividends paid on preferred shares (182) (136)
Cash dividends paid by subsidiaries to non-controlling interest (47) (39)
Other financing activities (24) (31)
Cash flow used in financing activities (1,542) (2,988)
Net increase (decrease) in cash 448 (190)

Cash at beginning of year 99 289
Cash at end of year 547 99
Net increase in cash equivalents 175 50

Cash equivalents at beginning of year 50 –
Cash equivalents at end of year 225 50
179
Notes to consolidated
financial statements
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.
NOTE 1 Corporate information

BCE is incorporated and domiciled in Canada. BCE’s head office is located at 1, Carrefour Alexander-Graham-Bell, Verdun, Québec, Canada.
BCE is a communications company providing wireless, wireline, Internet and television (TV) services to residential, business and wholesale
customers in Canada. Our Bell Media segment provides conventional TV, specialty TV, pay TV, streaming services, digital media services, radio
broadcasting services and out-of-home (OOH) advertising services to customers in Canada. The consolidated financial statements (financial
statements) were approved by BCE’s board of directors on March 7, 2024.
NOTE 2 Material accounting policies

A) Basis of presentation
The financial statements were prepared in accordance with International All amounts are in millions of Canadian dollars, except where noted.
Financial Reporting Standards (IFRS), as issued by the International
Accounting Standards Board (IASB). The financial statements have Functional currency
been prepared on a historical cost basis, except for certain financial The financial statements are presented in Canadian dollars, the
instruments that are measured at fair value as described in our company’s functional currency.
accounting policies.
B) Basis of consolidation
We consolidate the financial statements of all of our subsidiaries.
The results of subsidiaries acquired during the year are consolidated from the date of acquisition and the results of subsidiaries sold during the
year are deconsolidated from the date of disposal. Intercompany transactions, balances, income and expenses are eliminated on consolidation.
C) Revenue from contracts with customers

Revenue is measured based on the value of the expected consideration in margin approach to determine stand-alone selling prices. Products
Notes to consolidated financial statements
a contract with a customer and excludes sales taxes and other amounts and services purchased by a customer in excess of those included in
we collect on behalf of third parties. We recognize revenue when control the bundled arrangement are accounted for separately.
of a product or service is transferred to a customer. When our right We may enter into arrangements with subcontractors and others
to consideration from a customer corresponds directly with the value who provide services to our customers. When we act as the principal
to the customer of the products and services transferred to date, we in these arrangements, we recognize revenues based on the amounts
recognize revenue in the amount to which we have a right to invoice. billed to our customers. Otherwise, we recognize the net amount that
For bundled arrangements, we account for individual products and we retain as revenues.
services when they are separately identifiable and the customer can A contract asset is recognized in the consolidated statements of
benefit from the product or service on its own or with other readily financial position (statements of financial position) when our right to
available resources. The total arrangement consideration is allocated to consideration from the transfer of products or services to a customer
each product or service included in the contract with the customer based is conditional on our obligation to transfer other products or services.
on its stand-alone selling price. We generally determine stand-alone Contract assets are transferred to trade receivables when our right
selling prices based on the observable prices at which we sell products to consideration becomes conditional only as to the passage of time.
separately without a service contract and prices for non-bundled A contract liability is recognized in the statements of financial position
service offers with the same range of services, adjusted for market when we receive consideration in advance of the transfer of products
conditions and other factors, as appropriate. When similar products or services to the customer. Contract assets and liabilities relating to
and services are not sold separately, we use the expected cost plus the same contract are presented on a net basis.

Incremental costs of obtaining a contract with a customer, principally arrangements, including device financing plans, customers pay monthly
comprised of sales commissions, and prepaid contract fulfillment costs over a contract term of up to 24 months for residential customers and
are included in Contract costs in the statements of financial position, up to 36 months for business customers. If they include a significant
except where the amortization period is one year or less, in which case financing component, device financing plan receivables are discounted
costs of obtaining a contract are immediately expensed. Capitalized at market rates and interest revenue is accreted over the contractual
costs are amortized on a systematic basis that is consistent with the repayment period.
period and pattern of transfer to the customer of the related products For wireline customers, products are usually paid in full at the time of
or services. sale. Services are paid for on a monthly basis except where a billing
schedule has been established with certain business customers under
Bell Communication and Technology Services
long-term contracts that can generally extend up to seven years.
(Bell CTS) segment revenues
We recognize product revenues from the sale of equipment when Bell Media segment revenues
a customer takes possession of the product. We recognize service We recognize advertising revenue when advertisements are aired on
revenues over time, as the services are provided. Revenues on certain the radio or TV, posted on our websites or appear on our advertising
long-term contracts are recognized using output methods based on panels and street furniture. Revenues relating to subscriber fees are
products delivered, performance completed to date, time elapsed or recorded on a monthly basis as the services are provided. Customer
milestones met. payments are due monthly as the services are provided.
For wireless products and services that are sold separately, customers
See Note 3, Segmented information, for additional details.
usually pay in full at the time of sale for products and on a monthly
basis for services. For wireless products and services sold in bundled
D) Share-based payments
Our share-based payment arrangements include an employee savings Upon settlement of the RSUs/PSUs, any difference between the cost
plan (ESP), restricted share units (RSUs) and performance share units of shares purchased on the open market and the amount credited to
(PSUs), deferred share units (DSUs) and stock options. contributed surplus is reflected in the deficit. Vested RSUs/PSUs are
settled in BCE common shares, DSUs, or a combination thereof.
ESP
We recognize our ESP contributions as compensation expense in DSUs
Operating costs in the consolidated income statements (income If compensation is elected to be taken in DSUs, we issue DSUs equal
statements) over the two-year vesting period, with a corresponding to the fair value of the services received, with a corresponding credit
credit to contributed surplus. The value of an ESP at the grant date is to contributed surplus. Additional DSUs are issued to reflect dividends
equal to the value of one BCE common share. Additional ESPs are issued declared on the common shares. DSUs are settled in BCE common shares
to reflect dividends declared on the common shares. Upon settlement purchased on the open market following the cessation of employment
of shares under the ESP, any difference between the cost of shares or when a director leaves the board. Upon settlement of the DSUs, any
purchased on the open market and the amount credited to contributed difference between the cost of shares purchased on the open market
surplus is reflected in the deficit. and the amount credited to contributed surplus is reflected in the deficit.
RSUs/PSUs Stock options

For each RSU/PSU granted, we recognize compensation expense in The fair value of options granted is determined using a variation of a

Operating costs in the income statements over the three-year vesting binomial option pricing model that takes into account factors specific to
period, with a corresponding credit to contributed surplus. The value of the stock option plan. We recognize compensation expense in Operating
a RSU/PSU at the grant date is equal to the value of one BCE common costs in the income statements over the three-year vesting period, with
share or the value estimated using a Monte Carlo simulation for PSUs a corresponding credit to contributed surplus.
that include relative total shareholder return as a performance condition. When stock options are exercised, we credit share capital for the amount
Additional RSUs/PSUs are issued to reflect dividends declared on the received and the amounts previously credited to contributed surplus.
common shares.
E) Income and other taxes

Current and deferred income tax expense is recognized in the income Deferred tax assets and liabilities are calculated at the tax rates that
statements, except to the extent that the expense relates to items are expected to apply when the asset or liability is recovered or settled.
recognized in Other comprehensive (loss) income or directly in equity. Both our current and deferred tax assets and liabilities are calculated
using tax rates that have been enacted or substantively enacted at
We use the liability method to account for deferred tax assets and
the reporting date.
liabilities, which arise from:
• temporary differences between the carrying amount of assets and
liabilities recognized in the statements of financial position and their
corresponding tax bases
• the carryforward of unused tax losses and credits, to the extent they
can be used in the future
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Deferred taxes are provided on temporary differences arising from Investment tax credits (ITCs), other tax credits
investments in subsidiaries, joint arrangements and associates, except and government grants
where we control the timing of the reversal of the temporary difference
We recognize ITCs, other tax credits and government grants given on
and it is probable that the temporary difference will not reverse in the
eligible expenditures when it is reasonably assured that they will be
foreseeable future.
realized. We use the cost reduction method to account for ITCs and
Tax liabilities are, where permitted, offset against tax assets within the government grants, under which the credits are applied against the
same taxable entity and tax jurisdiction. expense or asset to which the ITCs or government grants relate.
F) Cash equivalents and other short-term deposits

Cash equivalents are comprised of highly liquid investments with original maturities of three months or less from the date of purchase and are
measured at amortized cost. Short-term deposits with original maturities of more than three months are included in Short-term investments
in the statements of financial position and are measured at amortized cost.
G) Securitization of receivables
Proceeds on the securitization of receivables are recognized as a collateralized borrowing as we do not transfer control and substantially all
the risks and rewards of ownership to another entity.
H) Inventory
We measure inventory at the lower of cost and net realizable value. Inventory includes all costs to purchase, convert and bring the inventories
to their present location and condition. We determine cost using specific identification for major equipment held for resale and the weighted
average cost formula for all other inventory. We maintain inventory valuation reserves for inventory that is slow-moving or potentially obsolete,
calculated using an inventory aging analysis.
I) Property, plant and equipment

We record property, plant and equipment at cost. Cost includes term. Consideration in a contract is allocated to lease and non-lease
expenditures that are attributable directly to the acquisition or components on a relative stand-alone value basis. We generally account
construction of the asset, including the purchase cost and labour. for lease components and any associated non-lease components as
a single lease component.
Borrowing costs are capitalized for qualifying assets if the time to build
or develop the asset is in excess of one year, at a rate that is based Lease liabilities are initially measured at the present value of the lease
on the weighted average interest rate on our outstanding long-term payments that are not paid at the commencement date, discounted
debt. Gains or losses on the sale or retirement of property, plant and using our incremental borrowing rate, unless the rate implicit in the
equipment are recorded in Other expense in the income statements. lease is readily determinable. We apply a single incremental borrowing
rate to a portfolio of leases with similar characteristics. Lease payments
Leases included in the measurement of the lease liability comprise:
We enter into leases for network infrastructure and equipment, land • fixed (and in-substance fixed) lease payments, less any lease incentives
and buildings in the normal course of business. Lease contracts are

• variable lease payments that depend on an index or rate
typically made for fixed periods but may include purchase, renewal or
termination options. Leases are negotiated on an individual basis and • payments expected under residual value guarantees and payments
relating to purchase options and renewal option periods that are
contain a wide range of different terms and conditions.
reasonably certain to be exercised (or periods subject to termination
We adopted IFRS 16 – Leases as of January 1, 2019. Certain finance options that are not reasonably certain to be exercised)
leases entered into prior to 2019 were initially measured under IAS 17 –
Lease liabilities are subsequently measured at amortized cost using
Leases, as permitted by the transition provisions of IFRS 16.
the effective interest method. Lease liabilities are remeasured, with a
IFRS 16 corresponding adjustment to the related right-of-use assets, when
there is a change in variable lease payments arising from a change
We assess whether a contract contains a lease at inception of the
in an index or rate, or when we change our assessment of whether
contract. A lease contract conveys the right to control the use of an
purchase, renewal or termination options will be exercised.
identified asset for a period in exchange for consideration. We recognize
lease liabilities with corresponding right-of-use assets for all lease
agreements, except for short-term leases and leases of low value
assets, which are expensed on a straight-line basis over the lease

Right-of-use assets are measured at cost, and are comprised of the IAS 17
initial measurement of the corresponding lease liabilities, lease payments Prior to 2019, under IAS 17, leases of property, plant and equipment
made at or before the commencement date and any initial direct costs. were recognized as finance leases when we obtained substantially
They are subsequently depreciated on a straight-line basis and reduced all the risks and rewards of ownership of the underlying assets. At
by impairment losses, if any. Right-of-use assets may also be adjusted the inception of the lease, we recorded an asset together with a
to reflect the remeasurement of related lease liabilities. If we obtain corresponding long-term lease liability, at the lower of the fair value
ownership of the leased asset by the end of the lease term or the cost of the leased asset or the present value of the minimum future lease
of the right-of-use asset reflects the exercise of a purchase option, payments, excluding non-lease components.
we depreciate the right-of-use asset from the lease commencement
date to the end of the useful life of the underlying asset. Otherwise, Asset retirement obligations (AROs)
we depreciate the right-of-use asset from the commencement date We initially measure and record AROs at management’s best estimate
to the earlier of the end of the useful life of the underlying asset or the using a present value methodology, adjusted subsequently for any
end of the lease term. changes in the timing or amount of cash flows and changes in discount
Variable lease payments that do not depend on an index or rate are not rates. We capitalize asset retirement costs as part of the related assets
included in the measurement of lease liabilities and right-of-use assets. and amortize them into earnings over time. We also increase the ARO
The related payments are expensed in operating costs in the period and record a corresponding amount in interest expense to reflect the
in which the event or condition that triggers those payments occurs. passage of time.
J) Intangible assets
Finite-life intangible assets advance of receipt of the program or film, are stated at acquisition cost
Finite-life intangible assets are recorded at cost less accumulated less accumulated amortization and accumulated impairment losses, if
amortization and accumulated impairment losses, if any. any. Programs and feature films under licence agreements are recorded
as assets for rights acquired and liabilities for obligations incurred when:
Software • we receive a broadcast master and the cost is known or reasonably
We record internal-use software at cost. Cost includes expenditures determinable for new program and feature film licences; or
that are attributable directly to the acquisition or development of the • thelicence term commences for licence period extensions or
software, including the purchase cost and labour. syndicated programs
Software development costs are capitalized when all the following Related liabilities of programs and feature films are classified as
conditions are met: current or non-current, based on the payment terms. Amortization of
• technical feasibility can be demonstrated program and feature film rights is recorded in Operating costs in the
• management has the intent and the ability to complete the asset for income statements.
use or sale
Indefinite-life intangible assets
• it is probable that economic benefits will be generated
Brand assets, mainly comprised of the Bell, Bell Media and Bell MTS
• costs attributable to the asset can be measured reliably brands, and broadcast licences are acquired through business
Customer relationships acquisitions and are recorded at fair value at the date of acquisition,
less accumulated impairment losses, if any. Wireless spectrum licences
Customer relationship assets are acquired through business acquisitions
are recorded at acquisition cost, including borrowing costs when the
and are recorded at fair value at the date of acquisition.

time to build or develop the related network is in excess of one year.
Program and feature film rights Borrowing costs are calculated at a rate that is based on the weighted
We account for program and feature film rights as intangible assets average interest rate on our outstanding long-term debt.
when these assets are acquired for the purpose of distribution through Currently, there are no legal, regulatory, competitive or other factors
broadcasting, digital media and streaming services. Program and feature that limit the useful lives of our indefinite-life intangible assets.
film rights, which include producer advances and licence fees paid in
K) Depreciation and amortization

Estimated useful life
We depreciate property, plant and equipment and amortize finite-life
intangible assets on a straight-line basis over their estimated useful lives. Property, plant and equipment
We review our estimates of useful lives on an annual basis and adjust Network infrastructure and equipment 2 to 50 years
depreciation and amortization on a prospective basis, as required. Land Buildings 5 to 50 years
and assets under construction or development are not depreciated. Finite-life intangible assets
Software 2 to 12 years
Customer relationships 2 to 26 years
Program and feature film rights Up to 5 years
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L) Investments in associates and joint arrangements
Our financial statements incorporate our share of the results of our Investments are reviewed for impairment at each reporting period and
associates and joint ventures using the equity method of accounting, we compare their recoverable amount to their carrying amount when
except when the investment is classified as held for sale. Equity income there is an indication of impairment.
from investments is recorded in Other expense in the income statements. We recognize our share of the assets, liabilities, revenues and expenses of
Investments in associates and joint ventures are recognized initially at joint operations in accordance with the related contractual agreements.
cost and adjusted thereafter to include the company’s share of income
or loss and comprehensive income or loss on an after-tax basis.
M) Business acquisitions and goodwill

Business acquisitions are accounted for using the acquisition method. remeasurement is recognized in Other expense in the income statements.
The consideration transferred in a business acquisition is measured The excess of the purchase consideration and any previously-held
at fair value at the date of acquisition. Acquisition-related transaction equity interest over the fair value of identifiable net assets acquired
costs are expensed as incurred and recorded in Severance, acquisition is recorded as Goodwill in the statements of financial position. If the
and other costs in the income statements. fair value of identifiable net assets acquired exceeds the purchase
consideration and any previously-held equity interest, the difference
Identifiable assets and liabilities, including intangible assets, of
is recognized in Other expense in the income statements immediately
acquired businesses are recorded at their fair values at the date of
as a bargain purchase gain.
acquisition. When we acquire control of a business, any previously-held
equity interest is remeasured to fair value and any gain or loss on
N) Impairment of non-financial assets

Goodwill and indefinite-life intangible assets are tested for impairment A CGU is the smallest identifiable group of assets that generates cash
annually or when there is an indication that the asset may be impaired. inflows that are independent of the cash inflows from other assets or
Property, plant and equipment and finite-life intangible assets are tested groups of assets.
for impairment if events or changes in circumstances, assessed at We identify any potential impairment by comparing the carrying value
each reporting period, indicate that their carrying amount may not be of a CGU or group of CGUs to its recoverable amount. The recoverable
recoverable. For the purpose of impairment testing, assets other than amount of a CGU or group of CGUs is the higher of its fair value less
goodwill are grouped at the lowest level for which there are separately costs of disposal and its value in use. Both fair value less costs of disposal
identifiable cash inflows. and value in use are based on estimates of discounted future cash
Impairment losses are recognized and measured as the excess of the flows or other valuation methods. Cash flows are projected based on
carrying value of the assets over their recoverable amount. An asset’s past experience, actual operating results and business plans, including
recoverable amount is the higher of its fair value less costs of disposal any impact from changes in interest rates and inflation. When the
and its value in use. Previously recognized impairment losses, other than recoverable amount of a CGU or group of CGUs is less than its carrying
those attributable to goodwill, are reviewed for possible reversal at each value, the recoverable amount is determined for its identifiable assets
reporting date and, if the asset’s recoverable amount has increased, and liabilities. The excess of the recoverable amount of the CGU or
all or a portion of the impairment is reversed. group of CGUs over the total of the amounts assigned to its assets and
liabilities is the recoverable amount of goodwill.

Goodwill impairment testing
An impairment charge is recognized in the income statements for any
We perform an annual test for goodwill impairment in the fourth quarter excess of the carrying value of goodwill over its recoverable amount.
for each of our cash-generating units (CGUs) or groups of CGUs to For purposes of impairment testing of goodwill, our CGUs or groups
which goodwill is allocated, and whenever there is an indication that of CGUs correspond to our reporting segments as disclosed in Note 3,
goodwill might be impaired. Segmented information.
O) Financial instruments and contract assets

We measure trade and other receivables, including wireless device Other comprehensive (loss) income in the consolidated statements of
financing plan receivables, at amortized cost using the effective interest comprehensive income (statements of comprehensive income) and are
method, net of any allowance for doubtful accounts. reclassified from Accumulated other comprehensive loss to the deficit
in the statements of financial position when realized.
Our portfolio investments in equity securities are classified as fair
value through other comprehensive income and are presented in our Other financial liabilities, which include trade payables and accruals,
statements of financial position as Other non-current assets. These compensation payable, obligations imposed by the Canadian Radio-
securities are recorded at fair value on the date of acquisition, including television and Telecommunications Commission (CRTC), interest payable
related transaction costs, and are adjusted to fair value at each reporting and long-term debt, are recorded at amortized cost using the effective
date. The corresponding unrealized gains and losses are recorded in interest method.

We measure the allowance for doubtful accounts and impairment of Amounts considered uncollectible are written off and recognized in
contract assets based on an expected credit loss (ECL) model, which Operating costs in the income statements.
takes into account current economic conditions, historical information, The cost of issuing debt is included as part of long-term debt and is
and forward-looking information, including higher interest rates and accounted for at amortized cost using the effective interest method.
inflation. We use the simplified approach for measuring losses based The cost of issuing equity is reflected in the consolidated statements
on the lifetime ECL for trade and other receivables and contract assets. of changes in equity as a charge to the deficit.
P) Derivative financial instruments

We use derivative financial instruments principally to manage risks We use foreign currency forward contracts to manage foreign currency
related to changes in interest rates and foreign currency rates and risk relating to our U.S. dollar debt under our commercial paper program,
cash flow exposures related to share-based payment plans, capital securitization of receivables program and committed credit facilities.
expenditures, long-term debt instruments and operating expenses. We Changes in the fair value of these derivatives are recognized in Other
do not use derivative financial instruments for speculative or trading expense in the income statements and offset the foreign currency
purposes. translation adjustment on the related debt, except for any portion of
the hedging relationship which is ineffective.
Derivatives that mature within one year are included in Other current
assets or Trade payables and other liabilities in the statements of We use cross currency interest rate swaps to manage foreign currency
financial position, whereas derivatives that have a maturity of more and interest rate risk related to certain U.S. dollar long-term debt. We
than one year are included in Other non-current assets or Other also use interest rate swaps, including forward starting interest rate
non-current liabilities. swaps, to manage the interest rate risk related to certain Canadian
dollar long-term debt. Changes in the fair value of these derivatives
Hedge accounting are recognized in our statements of comprehensive income, except for
Fair value hedges amounts recorded in Other expense in the income statements to offset
the foreign currency translation adjustment on the related debt and
We use cross currency interest rate swaps to manage foreign currency
any portion of the hedging relationship which is ineffective.
and interest rate risk on certain U.S. dollar long-term debt. We use
interest rate swaps to manage the interest rate risk on certain Canadian We use forward starting interest rate swaps to manage interest rate
dollar long-term debt. Changes in the fair value of these derivatives risk related to certain future debt issuances. Changes in the fair value
and the related debt are recognized in Other expense in the income of these derivatives are recognized in our statements of comprehensive
statements and offset each other, except for any ineffective portion of income, except for any ineffective portion of the hedging relationship,
the hedging relationship. which is recognized in Other expense in the income statements.
Realized gains and losses in accumulated other comprehensive loss
Cash flow hedges are reclassified to Interest expense in the income statements over the
We use foreign currency forward contracts and options to manage term of the related debt.
foreign currency risk relating to anticipated purchases denominated
in foreign currencies. Changes in the fair value of these derivatives are Derivatives used as economic hedges
recognized in our statements of comprehensive income, except for any We use derivatives to manage cash flow exposures related to our equity
ineffective portion of the hedging relationship, which is recognized in settled share-based payment plans and anticipated purchases in foreign
Other expense in the income statements. Realized gains and losses in currencies, interest rate risk related to preferred share dividend rate
accumulated other comprehensive loss are reclassified to the income resets and interest rate risk related to existing and anticipated debt

statements or to the initial cost of the related non-financial asset in the issuances. As these derivatives do not qualify for hedge accounting,
same periods as the corresponding hedged transactions are recognized. the changes in their fair value are recorded in the income statements
in Other expense.
Q) Post-employment benefit plans

Defined benefit (DB) and other post-employment We provide OPEBs to some of our employees, including:
benefit (OPEB) plans • health care and life insurance benefits during retirement, which have
We maintain DB pension plans that provide pension benefits for certain been phased out for new retirees since December 31, 2016. Most of
employees and retirees. Benefits are based on the employee’s length these OPEB plans are unfunded and benefits are paid when incurred.
of service and average rate of pay during the highest paid consecutive • other benefits, including workers’ compensation and medical benefits
five years of service. Most employees are not required to contribute to former or inactive employees, their beneficiaries and dependants,
to the plans. Certain plans provide cost of living adjustments to help from the time their employment ends until their retirement starts,
protect the income of retired employees against inflation. under certain circumstances
We are responsible for adequately funding our DB pension plans. We
make contributions to them based on various actuarial cost methods
permitted by pension regulatory bodies. Contributions reflect actuarial
assumptions about future investment returns, salary projections, future
service and life expectancy.
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We accrue our obligations and related costs under post-employment post-employment benefit plans are recorded in Other comprehensive
benefit plans, net of the fair value of the benefit plan assets. Pension (loss) income in the statements of comprehensive income in the period
and OPEB costs are determined using: in which they occur and are recognized immediately in the deficit.
• the projected unit credit method, prorated on years of service, which December 31 is the measurement date for our significant post-
takes into account future pay levels employment benefit plans. Our actuaries perform a valuation based
• a discount rate based on market interest rates of high-quality corporate on management’s assumptions at least every three years to determine
fixed income investments with maturities that match the timing of the actuarial present value of the accrued DB pension plans and OPEB
benefits expected to be paid under the plans obligations. The most recent actuarial valuation of our significant pension
• management’s best estimate of pay increases, retirement ages of plans was as at December 31, 2022.
employees, expected healthcare costs and life expectancy
Defined contribution (DC) pension plans
We value post-employment benefit plan assets at fair value using
We maintain DC pension plans that provide certain employees with
current market values.
benefits. Under these plans, we are responsible for contributing a
Post-employment benefit plans current service cost is included in predetermined amount to an employee’s retirement savings, based
Operating costs in the income statements. Interest on our post- on a percentage of the employee’s salary.
employment benefit plan assets and obligations is recognized in
We recognize a post-employment benefit plans service cost for
Finance costs in the income statements and represents the accretion
DC pension plans when the employee provides service to the company,
of interest on the assets and obligations under our post-employment
essentially coinciding with our cash contributions.
benefit plans. The interest rate is based on market conditions that
existed at the beginning of the year. Actuarial gains and losses for all When eligible, new employees can only participate in the DC pension
plans.
R) Provisions
Provisions are recognized when all the following conditions are met: Provisions are measured at the present value of the estimated
• the company has a present legal or constructive obligation based expenditures expected to settle the obligation, if the effect of the time
on past events value of money is material. The present value is determined using
current market assessments of the discount rate and risks specific to
• it is probable that an outflow of economic resources will be required
the obligation. The obligation increases as a result of the passage of
to settle the obligation
time, resulting in interest expense which is recognized in Finance costs
• the amount can be reasonably estimated in the income statements.
S) Estimates and key judgments

When preparing the financial statements, management makes estimates Estimates
and judgments relating to: Useful lives of property, plant and equipment
• reported amounts of revenues and expenses and finite-life intangible assets
• reported amounts of assets and liabilities Property, plant and equipment represent a significant proportion of
• disclosure of contingent assets and liabilities our total assets. Changes in technology or our intended use of these
assets, climate change and our environmental, social and corporate
We base our estimates on a number of factors, including but not limited

governance initiatives as well as changes in business prospects or
to historical experience, current events, economic and financial market
economic and industry factors, may cause the estimated useful lives
conditions such as interest rates, inflation and the risk of recession,
of these assets to change.
geopolitical events and supply chain disruptions, and actions that the
company may undertake in the future, as well as other assumptions Post-employment benefit plans
that we believe are reasonable under the circumstances. A change in
The amounts reported in the financial statements relating to DB pension
these assumptions may have an impact on our financial statements
plans and OPEBs are determined using actuarial calculations that are
including but not limited to impairment testing, fair value determination,
based on several assumptions.
expected credit losses and discount rates used for the present value of
cash flows. By their nature, these estimates and judgments are subject The actuarial valuation uses management’s assumptions for, among
to measurement uncertainty and actual results could differ. Our more other things, the discount rate, life expectancy, the rate of compensation
significant estimates and judgments are described below. increase, cost of living indexation rate, trends in healthcare costs and
expected average remaining years of service of employees.
The most significant assumptions used to calculate the net post-
employment benefit plans cost are the discount rate and life expectancy.
The discount rate is based on the yield on long-term, high-quality
corporate fixed income investments, with maturities matching the
estimated cash flows of the post-employment benefit plans. Life
expectancy is based on publicly available Canadian mortality tables
and is adjusted for the company’s specific experience.

Revenue from contracts with customers Judgments
We are required to make estimates that affect the amount of revenue Post-employment benefit plans
from contracts with customers, including estimating the stand-alone
The determination of the discount rate used to value our post-
selling prices of products and services.
employment benefit obligations requires judgment. The rate is set by
Impairment of non-financial assets reference to market yields of long-term, high-quality corporate fixed
income investments at the beginning of each fiscal year. Significant
We make a number of estimates when calculating recoverable amounts
judgment is required when setting the criteria for fixed income
using discounted future cash flows or other valuation methods to test
investments to be included in the population from which the yield curve
for impairment. These estimates include the assumed growth rates for
is derived. The most significant criteria considered for the selection of
future cash flows, the number of years used in the cash flow model
investments include the size of the issue and credit quality, along with
and the discount rate.
the identification of outliers, which are excluded.
Deferred taxes
Income taxes
The amounts of deferred tax assets and liabilities are estimated with
The calculation of income taxes requires judgment in interpreting tax
consideration given to the timing, sources and amounts of future
rules and regulations. There are transactions and calculations for
taxable income.
which the ultimate tax determination is uncertain. Our tax filings are
Leases also subject to audits, the outcome of which could change the amount
of current and deferred tax assets and liabilities.
The application of IFRS 16 requires us to make estimates that affect the
measurement of right-of-use assets and liabilities, including determining Management judgment is used to determine the amounts of deferred tax
the appropriate discount rate used to measure lease liabilities. Lease assets and liabilities to be recognized. In particular, judgment is required
liabilities are initially measured at the present value of the lease payments when assessing the timing of the reversal of temporary differences to
that are not paid at the commencement date, discounted using our which future income tax rates are applied.
incremental borrowing rate, unless the rate implicit in the lease is
readily determinable. Our incremental borrowing rate is derived from Leases
publicly available risk-free interest rates, adjusted for applicable credit The application of IFRS 16 requires us to make judgments that affect
spreads and lease terms. We apply a single incremental borrowing rate the measurement of right-of-use assets and liabilities. A lease contract
to a portfolio of leases with similar characteristics. conveys the right to control the use of an identified asset for a period
of time in exchange for consideration. At inception of the contract, we
Fair value of financial instruments assess whether the contract contains an identified asset, whether we
Certain financial instruments, such as investments in equity securities, have the right to obtain substantially all of the economic benefits from
derivative financial instruments and certain elements of borrowings, are use of the asset and whether we have the right to direct how and for
carried in the statements of financial position at fair value, with changes what purpose the asset is used. In determining the lease term, we
in fair value reflected in the income statements and the statements include periods covered by renewal options when we are reasonably
of comprehensive income. Fair values are estimated by reference to certain to exercise those options. Similarly, we include periods covered
published price quotations or by using other valuation techniques that by termination options when we are reasonably certain not to exercise
may include inputs that are not based on observable market data, such those options. To assess if we are reasonably certain to exercise an
as discounted cash flows and earnings multiples. option, we consider all facts and circumstances that create an economic
incentive to exercise renewal options (or not exercise termination
Contingencies options). Economic incentives include the costs related to the termination
In the ordinary course of business, we become involved in various

of the lease, the significance of any leasehold improvements and the
claims and legal proceedings seeking monetary damages and other importance of the underlying assets to our operations.
relief. Pending claims and legal proceedings represent a potential cost
to our business. We estimate the amount of a loss by analyzing potential Revenue from contracts with customers
outcomes and assuming various litigation and settlement strategies, The identification of performance obligations within a contract and
based on information that is available at the time. the timing of satisfaction of performance obligations under long-term
contracts requires judgment. Additionally, the determination of costs to
Onerous contracts obtain a contract, including the identification of incremental costs, also
A provision for onerous contracts is recognized when the unavoidable requires judgment.
costs of meeting our obligations under a contract exceed the expected
benefits to be received under the contract. The provision is measured CGUs
at the present value of the lower of the expected cost of terminating The determination of CGUs or groups of CGUs for the purpose of
the contract and the expected net cost of completing the contract. impairment testing requires judgment.
Contingencies
The determination of whether a loss is probable from claims and legal
proceedings and whether an outflow of resources is likely requires
judgment.
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T) Adoption of amended accounting standards
As required, we adopted the following amendments to accounting standards issued by the IASB.
Standard Description Impact
Disclosure of Accounting These amendments require that entities disclose material accounting These amendments were adopted effective with
Policies – Amendments policies, as defined, instead of significant accounting policies. our annual financial statements for the year ended
to IAS 1 – Presentation December 31, 2023 and did not result in any
of Financial Statements significant changes to our financial statements.
International Tax These amendments require that entities apply IAS 12 to income taxes arising In May 2023, we adopted the amendments to
Reform – Pillar Two Model from tax law enacted or substantively enacted to implement the Pillar Two IAS 12 retrospectively. As required, we applied
Rules – Amendments model rules published by the Organisation for Economic Co-operation and the exception and do not recognize or disclose
to IAS 12 – Income Taxes Development, including tax law that implements qualified domestic minimum information about deferred tax assets and liabilities
top-up taxes described in those rules (Pillar Two). As an exception to the related to Pillar Two.
requirements in IAS 12, entities do not recognize or disclose information The adoption of these amendments did not have
about deferred tax assets and liabilities related to Pillar Two. a significant impact on our financial statements.
NOTE 3 Segmented information

The accounting policies used in our segment reporting are the same as Our Bell CTS segment provides a wide range of communication products
those we describe in Note 2, Material accounting policies. Our segments and services to consumers, businesses and government customers
reflect how we manage our business and how we classify our operations across Canada. Wireless products and services include mobile data
for planning and measuring performance. Accordingly, we operate and voice plans and devices and are available nationally. Wireline
and manage our segments as strategic business units organized by products and services comprise data (including Internet access, Internet
products and services. Segments negotiate sales with each other as if protocol television (IPTV), cloud-based services and business solutions),
they were unrelated parties. voice, and other communication services and products, which are
available to our residential, small and medium-sized business and
We measure the performance of each segment based on adjusted
large enterprise customers primarily in Ontario, Québec, the Atlantic
EBITDA, which is equal to operating revenues less operating costs for
provinces and Manitoba, while satellite TV service and connectivity to
the segment. Substantially all of our severance, acquisition and other
business customers are available nationally across Canada. In addition,
costs, depreciation and amortization, finance costs and other (expense)
this segment includes our wholesale business, which buys and sells local
income are managed on a corporate basis and, accordingly, are not
telephone, long distance, data and other services from or to resellers
reflected in segment results.
and other carriers, as well as the results of operations of our national
Substantially all of our operations and assets are located in Canada. consumer electronics retailer, The Source (Bell) Electronics Inc. (The
In 2022, we began modifying our internal and external reporting Source). Subsequent to year end, Bell Canada announced a strategic
processes to align with organizational changes that were made partnership with Best Buy Canada to operate 165 The Source consumer
to reflect an increasing strategic focus on multiproduct sales, the electronics retail stores in Canada, which will be rebranded as Best
continually increasing technological convergence of our wireless and Buy Express and offer the latest in consumer electronics from Best Buy
wireline telecommunications infrastructure and operations driven by along with exclusive telecommunications services from Bell. In addition,
the deployment of our Fifth Generation (5G) and fibre networks, and Bell will wind down The Source head office and back office operations,
our digital transformation. These factors have made it increasingly as well as close 107 The Source stores.
difficult to distinguish between our wireless and wireline operations Our Bell Media segment provides conventional TV, specialty TV, pay TV,
and resulted in changes in Q1 2023 to the financial information that is streaming services, digital media services, radio broadcasting services
regularly provided to our chief operating decision maker to measure and OOH and advanced advertising services to customers nationally
performance and allocate resources. across Canada.
Effective with our Q1 2023 results, our previous Bell Wireless and Bell
Wireline operating segments were combined to form a single reporting
segment called Bell CTS. Bell Media remains a distinct reportable segment
and is unaffected. Our results are therefore reported in two segments:
Bell CTS and Bell Media. As a result of our reporting changes, prior
periods have been restated for comparative purposes.

Segmented information
Inter-segment
For the year ended December 31, 2023 Note Bell CTS Bell Media eliminations BCE
Operating revenues
External service revenues 18,378 2,776 – 21,154
Inter-segment service revenues 29 341 (370) –
Operating service revenues 18,407 3,117 (370) 21,154
External/Operating product revenues 3,519 – – 3,519
Total external revenues 21,897 2,776 – 24,673

Total inter-segment revenues 29 341 (370) –
Total operating revenues 21,926 3,117 (370) 24,673

Operating costs 5 (12,206) (2,420) 370 (14,256)
Adjusted EBITDA (1) 9,720 697 – 10,417

Severance, acquisition and other costs 6 (200)
Depreciation and amortization 17, 19 (4,918)
Finance costs
Interest expense 7 (1,475)
Net return on post-employment benefit plans 27 108
Impairment of assets 8 (143)
Other expense 9 (466)
Income taxes 10 (996)
Net earnings 2,327

Goodwill 22 8,099 2,843 – 10,942
Indefinite-life intangible assets 19 8,052 1,763 – 9,815
Capital expenditures 4,421 160 – 4,581
(1) The chief operating decision maker uses primarily one measure of profit to make decisions and assess performance, being operating revenues less operating costs.
Inter-segment
For the year ended December 31, 2022 Note Bell CTS Bell Media eliminations BCE
Operating revenues
External service revenues 18,052 2,904 – 20,956
Inter-segment service revenues 31 350 (381) –
Operating service revenues 18,083 3,254 (381) 20,956
External/Operating product revenues 3,218 – – 3,218
Total external revenues 21,270 2,904 – 24,174

Total inter-segment revenues 31 350 (381) –
Total operating revenues 21,301 3,254 (381) 24,174

Operating costs 5 (11,847) (2,509) 381 (13,975)
Adjusted EBITDA (1) 9,454 745 – 10,199

Severance, acquisition and other costs 6 (94)
Depreciation and amortization 17, 19 (4,723)
Finance costs
Interest expense 7 (1,146)
Net return on post-employment benefit plans 27 51
Impairment of assets 8 (279)
Other expense 9 (115)
Income taxes 10 (967)
Net earnings 2,926

Goodwill 22 7,960 2,946 – 10,906
Indefinite-life intangible assets 19 7,980 1,846 – 9,826
Capital expenditures 4,971 162 – 5,133
(1) The chief operating decision maker uses primarily one measure of profit to make decisions and assess performance, being operating revenues less operating costs.
189
Revenues by services and products
The following table presents our revenues disaggregated by type of services and products.
Services (1)
Wireless 7,120 6,821
Wireline data 8,084 7,920
Wireline voice 2,862 3,002
Media 2,776 2,904
Other wireline services 312 309
Total services 21,154 20,956
Products (2)
Wireless 2,885 2,714
Wireline 634 504
Total products 3,519 3,218
Total operating revenues 24,673 24,174
(1) Our service revenues are generally recognized over time.

(2) Our product revenues are generally recognized at a point in time.
NOTE 4 Business acquisitions and disposition

2023
Acquisition of FX Innovation
On June 1, 2023, Bell acquired FX Innovation, a Montréal-based provider of cloud-focused managed and professional services and workflow
automation solutions for business clients, for cash consideration of $157 million ($156 million net of cash acquired), of which $12 million is payable
within two years, and an estimated $6 million of additional cash consideration contingent on the achievement of certain performance objectives.
This contingent consideration is expected to be settled by 2027 and the maximum amount payable is $7 million. Contingent consideration is
estimated to be nil at December 31, 2023. The acquisition of FX Innovation aims to position Bell as a technology services leader for our enterprise
customers. The results of FX Innovation are included in our Bell CTS segment.
The following table summarizes the fair value of the consideration paid and the fair value assigned to each major class of assets and liabilities.
2023
Cash consideration paid 145
Cash consideration payable 12
Contingent consideration 6
Total cost to be allocated 163
Trade and other receivables 23
Other non-cash working capital 4

Indefinite-life intangible assets (1) 29
Finite-life intangible assets (2) 23
Other non-current assets 4
Trade payables and other liabilities (15)
Contract liabilities (3)
Debt due within one year (5)
Deferred tax liabilities (13)
47
Cash and cash equivalents 1
Fair value of net assets acquired 48
Goodwill (3) 115
(1) Consists of brand assets.

(2) Consists mainly of customer relationship assets and software.
(3) Goodwill arises principally from expected synergies and future growth and is not deductible for tax purposes. Goodwill was allocated to our Bell CTS group of CGUs.
Operating revenues of $50 million from FX Innovation are included in the income statements for the year ended December 31, 2023, from the
date of acquisition. BCE’s consolidated operating revenues for the year ended December 31, 2023 would have been $24,715 million had the
acquisition of FX Innovation occurred on January 1, 2023. This proforma amount reflects the elimination of intercompany transactions and the
purchase price allocation. The transaction did not have a significant impact on our net earnings for 2023.

Disposition of production studios
On May 3, 2023, we completed the sale of our 63% ownership in certain production studios, which were included in our Bell Media segment.
We received net cash proceeds of $211 million and recorded a gain on investment of $79 million (before tax expense of $17 million). See Note 9,
Other expense, for additional details.
The results of operations of the production studios up to the date of disposition on May 3, 2023 did not have a significant impact on our revenue
or net earnings for 2023.
The following table summarizes the carrying value of the assets and liabilities sold:
2023
Prepaid expenses 1
Property, plant and equipment 179
Intangible assets 4
Goodwill 76
Total assets 261
Trade payables and other liabilities 10

Contract liabilities 3
Debt due within one year 11
Long-term debt 82
Deferred tax liabilities 3
Total liabilities 109
Non-controlling interest 23
Net assets sold 129
2022
Acquisition of Distributel Communications Limited (Distributel)
On December 1, 2022, Bell acquired Distributel, a national independent communications provider offering a wide range of consumer, business
and wholesale communications services, for cash consideration of $303 million ($282 million net of cash acquired) and $39 million of estimated
additional cash consideration contingent on the achievement of certain performance objectives. This contingent consideration was expected to
be settled by 2026 and the maximum contingent consideration payable was $65 million. Contingent consideration is estimated to be $49 million
at December 31, 2023 of which $19 million was paid in 2023. The remaining $30 million is expected to be paid in 2024. The acquisition of Distributel
is expected to support Bell’s strategy to grow residential and business customers. The results of Distributel are included in our Bell CTS segment.
2022
Cash consideration 303
Contingent consideration 39

Finite-life intangible assets (2) 68
Deferred tax assets 7
Other long-term assets 2
Other long-term liabilities (6)
113
Goodwill (3) 208
(1) Consists mainly of brand and digital assets.

(2) Consists mainly of customer relationship assets.
Operating revenues of $14 million from Distributel are included in the income statements for the year ended December 31, 2022, from the date of
acquisition. BCE’s consolidated operating revenues for the year ended December 31, 2022 would have been $24,309 million had the acquisition
of Distributel occurred on January 1, 2022. This proforma amount reflects the elimination of intercompany transactions and the purchase price
allocation. The transaction did not have a significant impact on our net earnings for 2022.
191
Acquisition of EBOX and other related companies
In February 2022, Bell acquired EBOX and other related companies, which provide Internet, telephone and TV services to consumers and
businesses in Québec and parts of Ontario, for cash consideration of $153 million ($139 million net of cash acquired). The acquisition of EBOX
and other related companies is expected to accelerate growth in Bell’s residential and small business customers. The results of the acquired
companies are included in our Bell CTS segment.
2022
Cash consideration 153

Finite-life intangible and other assets (2) 15
11
Goodwill (3) 128
(1) Consists of brand and digital assets.

(2) Consists mainly of customer relationship assets.
Operating revenues of $41 million from EBOX and other related parties are included in the income statements for the year ended December 31,
2022, from the date of acquisition. The transaction did not have a significant impact on net earnings for 2022.
NOTE 5 Operating costs

For the year ended December 31 Note 2023 2022
Labour costs
Wages, salaries and related taxes and benefits (4,354) (4,250)
Post-employment benefit plans service cost (net of capitalized amounts) 27 (206) (249)
Other labour costs (1) (1,063) (1,054)
Less:
Capitalized labour 1,217 1,136
Total labour costs (4,406) (4,417)
Cost of revenues (2) (7,926) (7,641)

Other operating costs (3) (1,924) (1,917)
Total operating costs (14,256) (13,975)
(1) Other labour costs include contractor and outsourcing costs.

(2) Cost of revenues includes costs of wireless devices and other equipment sold, network and content costs, and payments to other carriers.
(3) Other operating costs include marketing, advertising and sales commission costs, bad debt expense, taxes other than income taxes, information technology costs, professional service
fees and rent.
Research and development expenses of $90 million and $57 million are included in operating costs for 2023 and 2022, respectively.
NOTE 6 Severance, acquisition and other costs

Severance (134) (83)

Acquisition and other (66) (11)
Total severance, acquisition and other costs (200) (94)

Severance costs
Severance costs consist of charges related to involuntary and voluntary employee terminations.
Acquisition and other costs

Acquisition and other costs consist of transaction costs, such as legal and financial advisory fees, related to completed or potential acquisitions,
employee severance costs related to the purchase of a business, the costs to integrate acquired companies into our operations, costs relating
to litigation and regulatory decisions, when they are significant, and other costs.
Subsequent to year end, BCE announced a reduction of its workforce by approximately 4,800 positions, or 9% of all BCE employees in 2024,
which could result in severance payments up to approximately $400 million.
NOTE 7 Interest expense

Interest expense on long-term debt (1,391) (1,148)

Interest expense on other debt (219) (126)
Capitalized interest 135 128
Total interest expense (1,475) (1,146)
Included in interest expense on long-term debt is interest on lease Capitalized interest was calculated using an average rate of 4.31% and
liabilities of $193 million and $165 million for 2023 and 2022, respectively. 3.83% for 2023 and 2022, respectively, which represents the weighted
average interest rate on our outstanding long-term debt.
NOTE 8 Impairment of assets

2023
During the fourth quarter of 2023, we recognized $86 million of plans reviewed by senior management for the period of October 1, 2023
impairment charges for French TV channels within our Bell Media to December 31, 2028, using a discount rate of 9.5% and a perpetuity
segment. The impairment charges were the result of a reduction in growth rate of 0.0%. After impairments, the carrying value of our
advertising demand in the industry resulting from economic uncertainties impacted CGU was $62 million.
and unfavourable impacts to market-based valuation assumptions. There was no impairment of Bell Media goodwill. See Note 22, Goodwill,
These charges included $41 million allocated to indefinite-life intangible for further details.
assets for broadcast licences and brands, and $45 million to finite-life
intangible assets for program and feature film rights. The impairment Additionally in 2023, we recorded impairment charges of $57 million
was determined by comparing the carrying value of the CGUs to their related mainly to right-of-use assets for certain office spaces we

fair value less cost of disposal. We estimated the fair value of the CGUs ceased using as part of our real estate optimization strategy as a result
using both discounted cash flows and market-based valuation models, of our hybrid work policy.
which include five-year cash flow projections derived from business
2022
During the fourth quarter of 2022, we recognized $147 million of of 10.3% and a perpetuity growth rate of 0.5%. After impairments, the
impairment charges for French TV channels within our Bell Media carrying value of our impacted CGUs was $109 million. In previous
segment. The impairment charges were the result of a reduction in years’ impairment analysis, the company’s French Pay and French TV
advertising demand in the industry resulting from economic uncertainties channels were tested for recoverability as one French CGU. In 2022,
and unfavourable impacts to assumptions for discount rates. These the French Pay channels were grouped with English Pay channels to
charges included $94 million allocated to indefinite-life intangible assets form one CGU as a result of Bell Media launching a single bilingual
for broadcast licences, and $53 million to finite-life intangible assets for premium pay product.
program and feature film rights. The impairment was determined by There was no impairment of Bell Media goodwill. See Note 22, Goodwill,
comparing the carrying value of the CGUs to their fair value less cost of for further details.
disposal. We estimated the fair value of the CGUs using the discounted
cash flow valuation models, which include five-year cash flow projections Additionally in 2022, we recorded impairment charges of $132 million
derived from business plans reviewed by senior management for the related mainly to right-of-use assets for certain office spaces we
period of October 1, 2022 to December 31, 2027, using a discount rate ceased using as part of our real estate optimization strategy as a result
of our hybrid work policy.
193
NOTE 9 Other expense
Equity (losses) income from investments in associates and joint ventures 20

Loss on investment (581) (42)
Operations 28 (19)
Net mark-to-market losses on derivatives used to economically hedge equity settled
share-based compensation plans 29 (103) (53)
Early debt redemption costs 25 (1) (18)
Gains on investments 80 24
Interest income 67 22
Gains (losses) on retirements and disposals of property, plant and equipment and intangible assets 11 (27)
Other 33 (2)
Total other expense (466) (115)
Equity (losses) income from investments in associates and joint ventures

We recorded a loss on investment of $581 million and $42 million in 2023 and 2022, respectively, related to equity losses on our share of an
obligation to repurchase at fair value the minority interest in one of BCE’s joint ventures. The obligation is marked to market each reporting
period and the gain or loss on investment is recorded as equity gains or losses from investments in associates and joint ventures.
Gains on investments
In 2023, we completed the sale of our 63% ownership in certain production studios. We recorded net cash proceeds of $211 million and a gain
on investment of $79 million. See Note 4, Business acquisitions and disposition, for additional details.
In 2022, we completed the sale of our wholly-owned subsidiary 6362222 Canada Inc. (Createch) and recorded a gain on sale of $39 million.
Additionally, in 2022, we recorded a loss on investment of $13 million related to an obligation to repurchase at fair value the minority interest
in one of our subsidiaries.
Gains (losses) on disposals of property, plant and equipment

In 2023, in addition to losses recorded on retirements of property, plant and equipment, we sold land for total proceeds of $54 million and
recorded a gain of $53 million as part of our real estate optimization strategy.
NOTE 10 Income taxes

The following table shows the significant components of income taxes deducted from net earnings.
Current taxes
Current taxes (923) (878)
Change in estimate relating to prior periods 9 8
Deferred taxes
Deferred taxes relating to the origination and reversal of temporary differences (75) (176)
Change in estimate relating to prior periods 1 (8)
Recognition and utilization of loss carryforwards (24) (4)
Uncertain tax positions 8 –

The following table reconciles the amount of reported income taxes in the income statements with income taxes calculated at a statutory income
tax rate of 26.8% for both 2023 and 2022.

Add back income taxes 996 967
Earnings before income taxes 3,323 3,893

Applicable statutory tax rate 26.8% 26.8%
Income taxes computed at applicable statutory rates (891) (1,043)

Non-taxable portion of gains on investments 5 4
Change in estimate relating to prior periods 10 –
Non-taxable portion of equity losses (149) (18)
Other 13 (1)
Average effective tax rate 30.0% 24.8%
The following table shows aggregate current and deferred taxes relating to items recognized outside the income statements.
2023 2022
Other Other
comprehensive comprehensive
For the year ended December 31 (loss)/income Deficit loss Deficit
Current taxes (2) 1 – 3

Deferred taxes 199 (8) (73) (7)
Total income taxes recovery (expense) 197 (7) (73) (4)
The following table shows deferred taxes resulting from temporary differences between the carrying amounts of assets and liabilities recognized
in the statements of financial position and their corresponding tax basis, as well as tax loss carryforwards.
Post- Indefinite- Property, plant
Non-capital employment life and equipment
loss carry- benefit intangible and finite-life
Net deferred tax liability forwards plans assets intangible assets Other Total
January 1, 2022 63 (466) (1,701) (2,417) (53) (4,574)
Income statements (4) 15 (40) (307) 148 (188)

Business acquisitions 1 – (26) (21) 3 (43)
Other comprehensive (loss)/income – (151) – – 78 (73)
Deficit – – – – (7) (7)
Other – – – – 16 16

December 31, 2022 60 (602) (1,767) (2,745) 185 (4,869)
Income statements (23) 10 (35) (36) (6) (90)

Business acquisitions/business disposition (1) – (10) (4) (3) (18)
Other comprehensive income – 149 – – 50 199
Deficit – – – – (8) (8)
Reclassified to liabilities held for sale – – 7 (1) – 6
Other – – – 5 2 7
December 31, 2023 36 (443) (1,805) (2,781) 220 (4,773)
At December 31, 2023, BCE had $156 million of non-capital loss At December 31, 2022, BCE had $251 million of non-capital loss
carryforwards. We: carryforwards. We:
• recognized a deferred tax asset of $36 million for $143 million of the • recognized a deferred tax asset of $60 million for $231 million of the
non-capital loss carryforwards. These non-capital loss carryforwards non-capital loss carryforwards. These non-capital loss carryforwards
expire in varying annual amounts from 2028 to 2043. expire in varying annual amounts from 2025 to 2042.
• did not recognize a deferred tax asset for $13 million of non-capital • did not recognize a deferred tax asset for $20 million of non-capital
loss carryforwards. This balance expires in varying annual amounts loss carryforwards. This balance expires in varying annual amounts
from 2031 to 2043. from 2023 to 2042.
At December 31, 2023, BCE had $55 million of unrecognized capital loss At December 31, 2022, BCE had $67 million of unrecognized capital loss
carryforwards, which can be carried forward indefinitely. carryforwards, which can be carried forward indefinitely.
195
NOTE 11 Earnings per share
The following table shows the components used in the calculation of basic and diluted net earnings per common share for earnings attributable
to common shareholders.
Net earnings attributable to common shareholders – basic 2,076 2,716

Dividends declared per common share (in dollars) 3.87 3.68
Weighted average number of common shares outstanding (in millions)
Weighted average number of common shares outstanding – basic 912.2 911.5
Assumed exercise of stock options (1) – 0.5
Weighted average number of common shares outstanding – diluted (in millions) 912.2 912.0
(1) The calculation of the assumed exercise of stock options includes the effect of the average unrecognized future compensation cost of dilutive options. It excludes options for which the
exercise price is higher than the average market value of a BCE common share. The number of excluded options was 6,395,513 in 2023 and nil in 2022.
NOTE 12 Trade and other receivables

Trade receivables (1) 3,959 4,102

Allowance for revenue adjustments (145) (160)
Allowance for doubtful accounts 29 (118) (129)
Current tax receivable 12 48
Commodity taxes receivable 12 11
Other accounts receivable 311 266
Total trade and other receivables 4,031 4,138
(1) The details of securitized receivables are set out in Note 24, Debt due within one year.
Wireless device financing plan receivables

Wireless device financing plan receivables represent amounts owed to us under financing agreements that have not yet been billed. The current
portion of these balances is included in Trade receivables within the Trade and other receivables line item on our statements of financial position
and the long-term portion is included within the Other non-current assets line item on our statements of financial position.
The following table summarizes our wireless device financing plan receivables.
Current 1,052 1,021

Non-current 21 401 386
Total wireless device financing plan receivables (1) 1,453 1,407
(1) Excludes allowance for doubtful accounts and allowance for revenue adjustments on the current portion of $45 million and $46 million at December 31, 2023 and December 31, 2022,
respectively, and allowance for doubtful accounts and allowance for revenue adjustments on the non-current portion of $15 million at December 31, 2023 and December 31, 2022.
NOTE 13 Inventory
Wireless devices and accessories 190 238

Merchandise and other 275 418
Total inventory 465 656
The total amount of inventory subsequently recognized as an expense in cost of revenues was $3,334 million and $3,184 million for 2023 and
2022, respectively.

NOTE 14 Contract assets and liabilities
The table below provides a reconciliation of the significant changes in the contract assets and the contract liabilities balances.
Contract assets (1) Contract liabilities
For the year ended December 31 Note 2023 2022 2023 2022
Opening balance, January 1 724 665 1,085 1,045

Revenue recognized included in contract liabilities at the beginning
of the year – – (734) (736)
Revenue recognized from contract liabilities included in contract assets
at the beginning of the year 84 89 – –
Increase in contract liabilities during the year – – 785 794
Increase in contract liabilities included in contract assets during the year (88) (83) – –
Increase in contract assets from revenue recognized during the year 713 728 – –
Contract assets transferred to trade receivables (613) (586) 8 14
Acquisitions/(Disposition) 4 – – – 8
Contract terminations transferred to trade receivables (60) (50) (1) (1)
Other (25) (39) (55) (39)
Ending balance, December 31 735 724 1,088 1,085
(1) Net of allowance for doubtful accounts of $18 million and $19 million at December 31, 2023 and December 31, 2022, respectively. See Note 29, Financial and capital management, for
additional details.
NOTE 15 Contract costs

The table below provides a reconciliation of the contract costs balance.
Opening balance, January 1 1,143 894

Incremental costs of obtaining a contract and contract fulfillment costs 892 807
Amortization included in operating costs (623) (558)
Ending balance, December 31 1,412 1,143
Contract costs are amortized over periods ranging from 12 to 95 months.
NOTE 16 Assets held for sale

On February 8, 2024, Bell Media announced the sale of 45 radio stations The following table summarizes the carrying value of the assets and
within the Bell Media segment. Completion of the sale is expected in liabilities that are classified as held for sale at December 31, 2023.

the fourth quarter of 2024, subject to regulatory approvals and other Note 2023
closing conditions. Estimated proceeds for the stations and other radio
Property, plant and equipment 17 12
related assets being sold are expected to be $54 million, resulting in
Intangible assets 19 26
an estimated gain of $9 million to be recorded in other expense upon
Goodwill 22 22
completion of the sale.
Total assets held for sale 60
The assets and liabilities of these radio stations were presented as held
for sale in our statements of financial position at December 31, 2023, Long-term debt 7
measured at the lower of the carrying amount and the estimated fair Deferred tax liabilities 6
value less costs to sell. Property, plant and equipment and leased Other non-current liabilities 2
assets included in assets held for sale were no longer depreciated or
Total liabilities held for sale 15
amortized effective December 2023.
Net assets held for sale 45
Our results for the years ended December 31, 2023 and 2022 included
revenues for these radio stations of $39 million and $42 million and
are recorded in the Bell Media segment. The transaction did not have
a significant impact on our net earnings for 2023 and 2022.
197
NOTE 17 Property, plant and equipment
Network
infrastructure Land and Assets under
For the year ended December 31, 2023 Note and equipment (1) buildings (1) construction Total
Cost
January 1, 2023 71,875 9,139 2,598 83,612
Additions 2,990 795 2,176 5,961
Business acquisitions/(business disposition) 8 (103) (100) (195)
Transfers 1,368 79 (2,317) (870)
Retirements and disposals (1,557) (53) (2) (1,612)
Impairment losses recognized in earnings 8 – (42) – (42)
Reclassified to assets held for sale 16 (8) (10) – (18)
December 31, 2023 74,676 9,805 2,355 86,836
Accumulated depreciation
January 1, 2023 49,236 5,120 – 54,356
Depreciation 3,254 491 – 3,745
Business disposition (1) (17) – (18)
Retirements and disposals (1,508) (37) – (1,545)
Transfers 23 2 – 25
Reclassified to assets held for sale 16 (6) – – (6)
Other (72) (1) – (73)
December 31, 2023 50,926 5,558 – 56,484
Net carrying amount

January 1, 2023 22,639 4,019 2,598 29,256
December 31, 2023 23,750 4,247 2,355 30,352
(1) Includes right-of-use assets. See Note 18, Leases, for additional details.
Network
infrastructure Land and Assets under
For the year ended December 31, 2022 Note and equipment (1) buildings (1) construction Total
Cost
January 1, 2022 70,923 8,889 2,241 82,053
Additions 2,824 394 2,675 5,893
Business acquisitions/(business disposition) 11 (28) 3 (14)
Transfers 1,180 51 (2,318) (1,087)
Retirements and disposals (3,063) (35) (3) (3,101)
Impairment losses recognized in earnings 8 – (132) – (132)
December 31, 2022 71,875 9,139 2,598 83,612
January 1, 2022 49,122 4,696 – 53,818
Depreciation 3,195 465 – 3,660
Business disposition (14) (7) – (21)
Retirements and disposals (3,025) (28) – (3,053)
Transfers 2 (2) – –
Other (44) (4) – (48)
December 31, 2022 49,236 5,120 – 54,356
Net carrying amount

January 1, 2022 21,801 4,193 2,241 28,235
December 31, 2022 22,639 4,019 2,598 29,256
(1) Includes right-of-use assets. See Note 18, Leases, for additional details.

NOTE 18 Leases
Right-of-use assets
BCE’s significant right-of-use assets under leases are satellites, office premises, land, cellular tower sites, retail outlets and OOH advertising
spaces. Right-of-use assets are presented in Property, plant and equipment in the statements of financial position.
Network
infrastructure Land and
For the year ended December 31, 2023 Note and equipment buildings Total
Cost
January 1, 2023 3,693 4,119 7,812
Additions 832 729 1,561
Transfers (215) (4) (219)
Business disposition – (20) (20)
Lease terminations (37) (15) (52)
Impairment losses recognized in earnings 8 – (30) (30)
Reclassified to assets held for sale (2) (5) (7)
December 31, 2023 4,271 4,774 9,045
January 1, 2023 1,804 1,858 3,662
Depreciation 425 364 789
Transfers (113) (1) (114)
December 31, 2023 2,103 2,216 4,319
Net carrying amount

January 1, 2023 1,889 2,261 4,150
December 31, 2023 2,168 2,558 4,726
Network
infrastructure Land and
For the year ended December 31, 2022 Note and equipment buildings Total
Cost
January 1, 2022 3,240 3,931 7,171
Additions 681 336 1,017
Transfers (195) (6) (201)
Business acquisitions/(business disposition) 2 (11) (9)

Impairment losses recognized in earnings 8 – (124) (124)
December 31, 2022 3,693 4,119 7,812
January 1, 2022 1,554 1,538 3,092
Depreciation 374 335 709
Transfers (112) (5) (117)
December 31, 2022 1,804 1,858 3,662
Net carrying amount

January 1, 2022 1,686 2,393 4,079
December 31, 2022 1,889 2,261 4,150
199
Leases in net earnings
The following table provides the expenses related to leases recognized in net earnings.
Interest expense on lease liabilities 193 165

Variable lease payment expenses not included in the measurement of lease liabilities 126 133
Expenses for leases of low value assets 63 60
Expenses for short-term leases 29 27
Leases in the statements of cash flows

Total cash outflow related to leases was $1,455 million and $1,272 million for the year ended December 31, 2023 and December 31, 2022, respectively.
Additional disclosures
See Note 24, Debt due within one year, and Note 25, Long-term debt, for See Note 34, Commitments and contingencies, for leases committed
lease liabilities balances included in the statements of financial position. but not yet commenced as at December 31, 2023.
See Note 29, Financial and capital management, for a maturity analysis
of lease liabilities.
NOTE 19 Intangible assets

Finite-life Indefinite-life
Customer Program Spectrum Total
For the year ended relation- and feature and other Broadcast intangible
December 31, 2023 Note Software ships film rights Other Total Brands licences licences Total assets
Cost
January 1, 2023 10,543 1,802 603 407 13,355 2,435 5,905 1,486 9,826 23,181
Additions 471 – 1,260 149 1,880 – 53 – 53 1,933
Business acquisitions/
(business disposition) 10 45 – (4) 51 31 (7) – 24 75
Transfers 897 – – (27) 870 – – – – 870
Retirements and disposals (576) (69) (2) (4) (651) – (2) (9) (11) (662)
Impairment losses
recognized in earnings 8 – – (45) – (45) (34) – (17) (51) (96)
Amortization included in
operating costs – – (1,165) – (1,165) – – – – (1,165)
Reclassified to assets
held for sale – – – – – – – (26) (26) (26)
16
December 31, 2023 11,345 1,778 651 521 14,295 2,432 5,949 1,434 9,815 24,110
Accumulated amortization
January 1, 2023 5,734 1,060 – 204 6,998 – – – – 6,998
Amortization 1,033 98 – 42 1,173 – – – – 1,173
Retirements and disposals (574) (69) – (2) (645) – – – – (645)
Transfers – – – (25) (25) – – – – (25)
December 31, 2023 6,193 1,089 – 219 7,501 – – – – 7,501
Net carrying amount

January 1, 2023 4,809 742 603 203 6,357 2,435 5,905 1,486 9,826 16,183
December 31, 2023 5,152 689 651 302 6,794 2,432 5,949 1,434 9,815 16,609

Finite-life Indefinite-life
Customer Program Spectrum Total
For the year ended relation- and feature and other Broadcast intangible
December 31, 2022 Note Software ships film rights Other Total Brands licences licences Total assets
Cost
January 1, 2022 9,565 1,736 631 404 12,336 2,409 5,786 1,580 9,775 22,111
Additions 484 1 1,208 7 1,700 – 44 – 44 1,744
Business acquisitions 6 65 – 3 74 26 75 – 101 175
Transfers 1,087 – – – 1,087 – – – – 1,087
Retirements and disposals (599) – – (7) (606) – – – – (606)
Impairment losses
recognized in earnings 8 – – (53) – (53) – – (94) (94) (147)
Amortization included in
operating costs – – (1,183) – (1,183) – – – – (1,183)
December 31, 2022 10,543 1,802 603 407 13,355 2,435 5,905 1,486 9,826 23,181
Accumulated amortization
January 1, 2022 5,407 969 – 165 6,541 – – – – 6,541
Amortization 926 91 – 46 1,063 – – – – 1,063
Retirements and disposals (599) – – (7) (606) – – – – (606)
December 31, 2022 5,734 1,060 – 204 6,998 – – – – 6,998
Net carrying amount

January 1, 2022 4,158 767 631 239 5,795 2,409 5,786 1,580 9,775 15,570
December 31, 2022 4,809 742 603 203 6,357 2,435 5,905 1,486 9,826 16,183
NOTE 20 Investments in associates and joint ventures

The following tables provide summarized financial information with respect to BCE’s associates and joint ventures. For more details on our
associates and joint ventures, see Note 35, Related party transactions.
Statements of financial position

Assets 4,050 3,857

Liabilities (3,875) (2,641)
Total net assets 175 1,216
BCE’s share of net assets 323 608

BCE’s share of net liabilities 28 (252) –
Income statements
Revenues 2,722 2,335

Expenses (3,832) (2,456)
Total net losses (1,110) (121)
BCE’s share of net losses 9 (553) (61)
201
NOTE 21 Other non-current assets
Long-term wireless device financing plan receivables 12 401 386

Long-term receivables 331 255
Derivative assets 29 116 233
Publicly-traded and privately-held investments 29 587 215
Investments (1) 29 216 184
Other 63 82
Total other non-current assets 1,714 1,355
(1) These amounts have been pledged as security related to obligations for certain employee benefits and are not available for general use.
NOTE 22 Goodwill
The following table provides details about the changes in the carrying amounts of goodwill for the years ended December 31, 2023 and 2022.
BCE’s groups of CGUs for purposes of goodwill impairment testing correspond to our reporting segments.
Note Bell CTS Bell Media BCE
Balance at January 1, 2022 7,626 2,946 10,572

Acquisitions 4 334 – 334
Balance at December 31, 2022 7,960 2,946 10,906
Acquisitions, disposition and other 4 139 (81) 58

Reclassified to assets held for sale 16 – (22) (22)
Balance at December 31, 2023 8,099 2,843 10,942
Impairment testing
Goodwill is tested annually for impairment or when there is an indication The discount rates are applied to the cash flow projections and are
that goodwill might be impaired, by comparing the carrying value of a derived from the weighted average cost of capital for each group
CGU or group of CGUs to its recoverable amount, where the recoverable of CGUs.
amount is the higher of fair value less costs of disposal and its value in use. The following table shows the key assumptions used to estimate the
recoverable amounts of our groups of CGUs.
Recoverable amount
Assumptions used
The recoverable amount for each of the Bell CTS and Bell Media group
Perpetuity Discount
of CGUs is its value in use. Groups of CGUs growth rate rate
The recoverable amount for our groups of CGUs is determined by Bell CTS 1.5% 7.0%
discounting five-year cash flow projections derived from business plans Bell Media 0.7% 10.2%
reviewed by senior management. The projections reflect management’s
expectations of revenue, adjusted EBITDA, capital expenditures, working We believe that any reasonable possible change in the key assumptions
capital and operating cash flows, based on past experience and future on which the estimate of recoverable amount of the Bell CTS group
expectations of operating performance, including any impact from of CGUs is based would not cause its carrying amount to exceed its
changes in interest rates and inflation. recoverable amount.
Cash flows beyond the five-year period are extrapolated using For the Bell Media group of CGUs, a decrease of (0.3%) in the perpetuity
perpetuity growth rates. None of the perpetuity growth rates exceeds growth rate or an increase of 0.2% in the discount rate would have
the long-term historical growth rates for the markets in which we resulted in its recoverable amount being equal to its carrying value.
operate.

NOTE 23 Trade payables and other liabilities
Trade payables and accruals 3,308 3,602

Compensation payable 599 607
Maple Leaf Sports and Entertainment Ltd. (MLSE) financial liability (1) 29 – 149
Commodity taxes payable 143 108
Derivative liabilities 29 107 106
Provisions 26 65 74
Other current liabilities 507 575
Total trade payables and other liabilities 4,729 5,221
(1) Represented BCE’s obligation to repurchase the BCE Master Trust Fund’s (Master Trust Fund) 9% interest in MLSE at a price not less than an agreed minimum price. In January 2023, BCE
repurchased the interest held by the Master Trust Fund, a trust fund that holds pension fund investments serving the pension obligations of the BCE group pension plan participants, in
MLSE for a cash consideration of $149 million.
NOTE 24 Debt due within one year

Weighted average
interest rate at
For the year ended December 31 Note December 31, 2023 2023 2022
Notes payable (1) 29 5.21% 207 869

Loans secured by receivables (2) 29 6.16% 1,588 1,588
Long-term debt due within one year (3) 25 3.60% 3,247 1,680
Total debt due within one year 5,042 4,137
(1) Includes commercial paper of $149 million in U.S. dollars ($197 million in Canadian dollars) and $627 million in U.S. dollars ($849 million in Canadian dollars) as at December 31, 2023 and
December 31, 2022, respectively, which were issued under our U.S. commercial paper program and have been hedged for foreign currency fluctuations with forward currency contracts.
See Note 29, Financial and capital management, for additional details.
(2) Loans secured by receivables totaled $1,200 million in U.S. dollars ($1,588 million in Canadian dollars) and $1,173 million in U.S. dollars ($1,588 million in Canadian dollars) as at December 31, 2023
and December 31, 2022, respectively, and have been hedged for foreign currency fluctuations with forward currency contracts. See Note 29, Financial and capital management, for
additional details.
(3) Included in long-term debt due within one year is the current portion of lease liabilities of $1,074 million and $930 million as at December 31, 2023 and December 31, 2022, respectively.
Securitized receivables
In 2022, we entered into a new securitization program which replaced The securitization program is recorded as a floating rate revolving loan
our previous securitized trade receivables program and now includes secured by certain receivables. We continue to service trade receivables
wireless device financing plan receivables. As a result, the maximum and wireless device financing plan receivables under the securitization
amount available under our securitization program increased from program, which matures in July 2025 unless previously terminated.
$1.3 billion at December 31, 2021 to $2.3 billion at December 31, 2022. The lenders’ interest in the collection of these receivables ranks ahead

of our interests, which means that we are exposed to certain risks of
In 2023, we amended our securitization program to add sustainability-
default on the amounts securitized.
linked pricing. The amendment introduces a financing cost that varies
based on our performance of certain sustainability performance targets. We have provided various credit enhancements in the form of
overcollateralization and subordination of our retained interests.
The following table provides further details on our securitized receivables
programs during 2023 and 2022. The lenders have no further claim on our other assets if customers do
not pay the amounts owed.
Average interest rate

throughout the year 5.72% 3.15%
Securitized receivables 3,320 3,353
Credit facilities
Bell Canada may issue notes under its Canadian and U.S. commercial In 2023, Bell Mobility Inc. (Bell Mobility) entered into a $600 million U.S.
paper programs up to the maximum aggregate principal amount of dollar uncommitted trade loan agreement to finance certain purchase
$3 billion in either Canadian or U.S. currency provided that at no time obligations. Loan requests may be made until April 30, 2024, with each
shall such maximum amount of notes exceed $3.5 billion in Canadian loan having a term of up to 24 months. The loan agreement has been
currency, which equals the aggregate amount available under Bell hedged for foreign currency fluctuations. See Note 29, Financial and
Canada’s committed supporting revolving and expansion credit facilities capital management, for additional details.
as at December 31, 2023. The total amount of the net available committed
revolving and expansion credit facilities may be drawn at any time.
203
The table below is a summary of our total bank credit facilities at December 31, 2023.
Commercial
Total Letters of paper Net
available Drawn credit outstanding available
Committed credit facilities

Unsecured revolving and expansion credit facilities (1) (2) 3,500 – – 197 3,303
Unsecured non-revolving credit facilities (3) 641 – – – 641
Other 106 – 81 – 25
Total committed credit facilities 4,247 – 81 197 3,969
Non-committed credit facilities

Bell Canada 2,159 – 862 – 1,297
Bell Mobility 794 476 – – 318
Total non-committed credit facilities 2,953 476 862 – 1,615
Total committed and non-committed credit facilities 7,200 476 943 197 5,584
(1) Bell Canada’s $2.5 billion committed revolving credit facility expires in May 2028 and its $1 billion committed expansion credit facility expires in May 2026. In 2022, Bell Canada converted
its committed credit facilities into a sustainability-linked loan. The amendment introduces a borrowing cost that varies based on our performance of certain sustainability performance
targets.
(2) As of December 31, 2023, Bell Canada’s outstanding commercial paper included $149 million in U.S. dollars ($197 million in Canadian dollars). All of Bell Canada’s commercial paper outstanding
is included in Debt due within one year.
(3) In 2022, Bell Canada entered into two 30-year senior unsecured non-revolving credit facilities in the aggregate principal amount of up to $647 million to partly fund the expansion of its
broadband networks as part of government subsidy programs. In 2023, the maximum aggregate principal amount of such credit facilities was decreased to $641 million.
Restrictions
Some of our credit agreements:
• require us to meet specific financial ratios
• require us to offer to repay and cancel the credit agreement upon a change of control of BCE or Bell Canada
We are in compliance with all conditions and restrictions under such credit agreements.
NOTE 25 Long-term debt

Weighted average
interest rate at
For the year ended December 31 Note December 31, 2023 Maturity 2023 2022
Debt securities
1997 trust indenture (1) 4.02% 2024–2053 19,768 16,747
1976 trust indenture 9.38% 2027–2054 975 975
2011 trust indenture 4.00% 2024 225 225
2016 U.S. trust indenture (2) 3.58% 2024–2052 7,529 6,525

1996 trust indenture (subordinated) 8.21% 2026–2031 275 275
Lease liabilities 5.82% 2024–2068 4,857 4,402
Bell Mobility trade loan (3) 6.98% 2025 476 –
Other 422 449
Total debt 34,527 29,598
Net unamortized discount (33) (34)

Unamortized debt issuance costs (112) (101)
Less:
Amount due within one year 24 (3,247) (1,680)
Total long-term debt 31,135 27,783
(1) At December 31, 2023 and 2022, $1,625 million and $500 million, respectively, have been swapped from fixed to floating using interest rate swaps. As at December 31, 2023, $700 million
and $525 million have been swapped from fixed to floating with forward interest rate swaps starting in 2024 and 2028, respectively. See Note 29, Financial and capital management, for
additional details.
(2) At December 31, 2023 and 2022, notes issued under the 2016 U.S. trust indenture totaled $5,700 million and $4,850 million in U.S. dollars, respectively, and have been hedged for foreign
currency fluctuations with cross currency interest rate swaps, including $600 million in U.S. dollars, which has been swapped from fixed to floating. See Note 29, Financial and capital
management, for additional details.
(3) At December 31, 2023, loans incurred under the Bell Mobility trade loan agreement totaled $360 million in U.S. dollars and have been hedged for foreign currency fluctuations with cross
currency interest rate swaps. See Note 29, Financial and capital management, for additional details.

Bell Canada’s debt securities have been issued in Canadian dollars with the exception of debt securities issued under the 2016 U.S. trust indenture,
which have been issued in U.S. dollars. All debt securities were issued at a fixed interest rate. We have entered into interest rate and cross
currency interest rate derivatives to manage interest rate risk as disclosed in Note 29, Financial and capital management.
Restrictions
Some of our debt agreements:
• impose covenants and new issue tests
• require us to make an offer to repurchase certain series of debt securities upon the occurrence of a change of control event as defined in the
relevant debt agreements
We are in compliance with all conditions and restrictions under such debt agreements.
All outstanding debt securities have been issued under trust indentures, are unsecured and have been guaranteed by BCE. All debt securities
have been issued in series and certain series are redeemable at Bell Canada’s option prior to maturity at the prices, times and conditions
specified for each series.
2023
On November 14, 2023, Bell Canada issued, under its 1997 trust indenture, On February 9, 2023, Bell Canada issued, under its 1997 trust indenture,
5.85% Series M-57 medium-term note (MTN) debentures, with a principal 4.55% Series M-58 MTN debentures, with a principal amount of
amount of $300 million, which mature on November 10, 2032. The $1,050 million, which mature on February 9, 2030. Additionally, on
Series M-57 debentures were issued pursuant to a re-opening of an the same date, Bell Canada issued, under its 1997 trust indenture, 5.15%
existing series of MTN debentures. Additionally on the same date, Bell Series M-59 MTN debentures, with a principal amount of $450 million,
Canada issued under its 1997 trust indenture, 5.25% Series M-62 MTN which mature on February 9, 2053.
debentures, with a principal amount of $700 million, which mature on Subsequent to year end, on February 15, 2024, Bell Canada issued, under
March 15, 2029. its 2016 trust indenture, 5.200% Series US-9 Notes, with a principal
On August 11, 2023, Bell Canada issued, under its 1997 trust indenture, amount of $700 million in U.S. dollars ($942 million in Canadian dollars),
5.15% Series M-60 MTN debentures, with a principal amount of which mature on February 15, 2034. The Series US-9 Notes have been
$600 million, which mature on November 14, 2028. Additionally, on hedged for foreign currency fluctuations with cross currency interest
the same date, Bell Canada issued under its 1997 trust indenture, 5.60% rate swaps. Additionally, on the same date, Bell Canada issued, under
Series M-61 MTN debentures, with a principal amount of $400 million, its 2016 trust indenture, 5.550% Series US-10 Notes, with a principal
which mature on August 11, 2053. amount of $750 million in U.S. dollars ($1,009 million in Canadian dollars),
which mature on February 15, 2054. The Series US-10 Notes have been
On May 11, 2023, Bell Canada issued, under its 2016 trust indenture,
hedged for foreign currency fluctuations with cross currency interest
5.100% Series US-8 Notes, with a principal amount of $850 million in
rate swaps and in addition, $336 million in Canadian dollars have been
U.S. dollars ($1,138 million in Canadian dollars), which mature on May 11,
hedged for changes in fair value with interest rate swaps.
2033. The Series US-8 Notes have been hedged for foreign currency
fluctuations with cross currency interest rate swaps. See Note 29,
Financial and capital management, for additional details.

2022
On November 10, 2022, Bell Canada issued, under its 1997 trust indenture, On February 11, 2022, Bell Canada issued, under its 2016 trust indenture,
5.85% Series M-57 MTN debentures, with a principal amount of $1 billion, 3.650% Series US-7 Notes, with a principal amount of $750 million in U.S.
which mature on November 10, 2032. dollars ($954 million in Canadian dollars), which mature on August 15,
2052. The Series US-7 Notes have been hedged for foreign currency
On March 16, 2022, Bell Canada redeemed, prior to maturity, its 3.35%
fluctuations with cross currency interest rate swaps. See Note 29,
Series M-26 MTN debentures, having an outstanding principal amount
Financial and capital management, for additional details.
of $1 billion, which were due on March 22, 2023. As a result, for the
year ended December 31, 2022, we recognized early debt redemption
charges of $18 million, which were recorded in Other expense in the
income statements.
205
NOTE 26 Provisions
For the year ended December 31 Note AROs Other (1) Total
January 1, 2023 165 197 362

Additions 6 39 45
Usage (5) (26) (31)
Reversals (3) (22) (25)
December 31, 2023 163 188 351
Current 23 30 35 65
Non-current 28 133 153 286
December 31, 2023 163 188 351
(1) Other includes environmental, legal, vacant space and other provisions.
AROs reflect management’s best estimates of expected future costs to restore current leased premises to their original condition prior to lease
inception. Cash outflows associated with our ARO liabilities are generally expected to occur at the restoration dates of the assets to which
they relate, which are long-term in nature. The timing and extent of restoration work that will be ultimately required for these sites is uncertain.
NOTE 27 Post-employment benefit plans

Post-employment benefit plans cost
We provide pension and other benefits for most of our employees. These The interest rate risk is managed using a liability matching approach,
include DB pension plans, DC pension plans and OPEBs. which reduces the exposure of the DB plans to a mismatch between
investment growth and obligation growth.
We operate our DB and DC pension plans under applicable Canadian
and provincial pension legislation, which prescribes minimum and The longevity risk is managed using a longevity swap, which reduces
maximum DB funding requirements. Plan assets are held in trust, and the exposure of the DB plans to an increase in life expectancy.
the oversight of governance of the plans, including investment decisions,
contributions to DB plans and the selection of the DC plans investment
options offered to plan participants, lies with the Risk and Pension Fund
Committee, a committee of our board of directors.
Components of post-employment benefit plans service cost

DB pension (128) (193)

DC pension (133) (118)
OPEBs (1) (2)
Less:
Capitalized benefit plans cost 56 64
Total post-employment benefit plans service cost (206) (249)
Components of post-employment benefit plans financing income

DB pension 149 84
OPEBs (41) (33)
Total net return on post-employment benefit plans 108 51

The statements of comprehensive income include the following amounts before income taxes.
2023 2022
Cumulative gains recognized directly in equity, January 1 985 419

Actuarial (losses) gains in other comprehensive (loss) income (1) (835) 894
Decrease (increase) in the effect of the asset limit in other comprehensive (loss) income (2) 282 (328)
Cumulative gains recognized directly in equity, December 31 432 985
(1) The cumulative actuarial gains recognized in the statements of comprehensive income are $864 million at December 31, 2023.
(2) The cumulative increase in the effect of the asset limit recognized in the statements of comprehensive income is $432 million at December 31, 2023.
Components of post-employment benefit assets (obligations)

The following table shows the change in post-employment benefit obligations and the fair value of plan assets.
DB pension plans OPEB plans Total
2023 2022 2023 2022 2023 2022
Post-employment benefit obligations, January 1 (19,295) (24,544) (1,138) (1,457) (20,433) (26,001)
Current service cost (128) (193) (1) (2) (129) (195)
Interest on obligations (993) (770) (58) (44) (1,051) (814)
Actuarial (losses) gains (1) (1,572) 4,856 51 294 (1,521) 5,150
Benefit payments 1,401 1,366 72 70 1,473 1,436
Employee contributions (8) (9) – – (8) (9)
Other – (1) – 1 – –
Post-employment benefit obligations, December 31 (20,595) (19,295) (1,074) (1,138) (21,669) (20,433)
Fair value of plan assets, January 1 23,355 28,040 327 351 23,682 28,391
Expected return on plan assets (2) 1,195 875 17 11 1,212 886
Actuarial gains (losses) (1) 692 (4,227) (6) (29) 686 (4,256)
Benefit payments (1,401) (1,366) (72) (70) (1,473) (1,436)
Employer contributions 41 81 64 64 105 145
Employee contributions 8 9 – – 8 9
Transfers to DC plans (124) (57) – – (124) (57)
Other 2 – – – 2 –
Fair value of plan assets, December 31 23,768 23,355 330 327 24,098 23,682
Plan asset (deficit) 3,173 4,060 (744) (811) 2,429 3,249

Effect of asset limit (719) (980) – – (719) (980)
Interest on effect of asset limit (53) (21) – – (53) (21)
Post-employment benefit asset (liability), December 31 2,401 3,059 (744) (811) 1,657 2,248
Post-employment benefit assets 2,935 3,559 – – 2,935 3,559

Post-employment benefit obligations (534) (500) (744) (811) (1,278) (1,311)
(1) Actuarial (losses) gains include experience gains of $734 million in 2023 and losses of ($4,729) million in 2022.
(2) The actual return (loss) on plan assets was $1,898 million or 8.8% in 2023 and ($3,370) million or (11.6%) in 2022.
Funded status of post-employment benefit plans

The following table shows the funded status of our post-employment benefit obligations.
Funded Partially funded (1) Unfunded (2) Total
For the year ended December 31 2023 2022 2023 2022 2023 2022 2023 2022
Present value of post-employment

benefit obligations (20,004) (18,741) (1,453) (1,461) (212) (231) (21,669) (20,433)
Fair value of plan assets 23,703 23,291 395 391 – – 24,098 23,682
Plan surplus (deficit) 3,699 4,550 (1,058) (1,070) (212) (231) 2,429 3,249
Effect of asset limit (772) (1,001) – – – – (772) (1,001)
Post-employment benefit asset (liability) 2,927 3,549 (1,058) (1,070) (212) (231) 1,657 2,248
(1) The partially funded plans consist of supplementary executive retirement plans (SERPs) for eligible employees and certain OPEBs. The company partially funds the SERPs through letters
of credit and a retirement compensation arrangement account with Canada Revenue Agency. Certain paid-up life insurance benefits are funded through life insurance contracts.
(2) Our unfunded plans consist of certain OPEBs, which are paid as claims are incurred.
207
Significant assumptions
We used the following key assumptions to measure the post-employment benefit obligations and the net benefit plans cost for the DB pension
plans and OPEB plans. These assumptions are long-term, which is consistent with the nature of post-employment benefit plans.
DB pension plans and OPEB plans
Post-employment benefit obligations

Discount rate 4.6% 5.3%
Rate of compensation increase 2.25% 2.25%
Cost of living indexation rate (1) 1.6% 1.6%
Life expectancy at age 65 (years) 23.4 23.3
(1) Cost of living indexation rate is only applicable to DB pension plans.
DB pension plans and OPEB plans

Net post-employment benefit plans cost

Discount rate 5.3% 3.4%
Rate of compensation increase 2.25% 2.25%
Cost of living indexation rate (1) 1.6% 1.6%
Life expectancy at age 65 (years) 23.3 23.3
(1) Cost of living indexation rate is only applicable to DB pension plans.
The weighted average duration of the post-employment benefit Assumed trend rates in healthcare costs have a significant effect on
obligation is 12 years. the amounts reported for the healthcare plans.
We assumed the following trend rates in healthcare costs: The following table shows the effect of a 1% change in the assumed
• an annual increase in the cost of medication of 6.5% for 2023 trend rates in healthcare costs.
decreasing to 4.0% over 20 years Effect on post-employment benefits –
increase/(decrease) 1% increase 1% decrease
• an annual increase in the cost of covered dental benefits of 4.5%
Total service and interest cost 3 (3)
• an annual increase in the cost of covered hospital benefits of 3.7%
Post-employment benefit obligations 64 (47)
• an annual increase in the cost of other covered healthcare benefits
of 4.5%
Sensitivity analysis
The following table shows a sensitivity analysis of key assumptions used to measure the net post-employment benefit obligations and the net
post-employment benefit plans cost for our DB pension plans and OPEB plans.
Impact on net post-employment Impact on post-employment benefit
benefit plans cost for 2023 – obligations at December 31, 2023 –
increase/(decrease) increase/(decrease)
Change in Increase in Decrease in Increase in Decrease in
assumption assumption assumption assumption assumption
Discount rate 0.5% (83) 78 (1,146) 1,255

Cost of living indexation rate 0.5% 55 (46) 1,007 (822)
Life expectancy at age 65 1 year 38 (39) 714 (735)
Post-employment benefit plan assets

The investment strategy for the post-employment benefit plan assets is to maintain a diversified portfolio of assets invested in a prudent manner
to maintain the security of benefits.
The following table shows the target allocations for 2023 and the allocation of our post-employment benefit plan assets at December 31, 2023
and 2022.
Weighted average
target allocation Total plan assets fair value
Asset category 2023 December 31, 2023 December 31, 2022
Equity securities 0%–40% 13% 15%

Debt securities 50%–100% 55% 52%
Alternative investments 0%–50% 32% 33%
Total 100% 100%

The following table shows the fair value of the DB pension plan assets for each category.
Observable markets data

Equity securities
Canadian 858 824
Foreign 2,265 2,555
Debt securities
Canadian 10,284 9,904
Foreign 1,550 1,537
Money market 1,222 739
Non-observable markets inputs

Alternative investments
Private equities 831 1,017
Hedge funds 1,268 1,374
Real estate and infrastructure 4,221 4,297
Private debt 1,237 1,048
Other 32 60
Total 23,768 23,355
Equity securities included approximately $9 million of BCE common The Bell Canada Pension Plan has an investment arrangement which
shares, or 0.04% of total plan assets, at December 31, 2023 and hedges part of its exposure to potential increases in longevity, which
$11 million of BCE common shares, or 0.05% of total plan assets, at covers approximately $3 billion of post-employment benefit obligations.
December 31, 2022. The fair value of the arrangement is included within other alternative
investments.
Debt securities included approximately $92 million of Bell Canada
debentures, or 0.39% of total plan assets, at December 31, 2023 and
Cash flows
approximately $85 million of Bell Canada debentures, or 0.40% of total
We are responsible for adequately funding our DB pension plans. We
plan assets, at December 31, 2022.
make contributions to them based on various actuarial cost methods
Alternative investments included an investment in MLSE of $149 million, that are permitted by pension regulatory authorities. Contributions
or 0.64% of total plan assets, at December 31, 2022. In 2023, BCE reflect actuarial assumptions about future investment returns, salary
repurchased the Master Trust Fund’s interest for cash consideration of projections and future service benefits. Changes in these factors could
$149 million. As such, the Master Trust Fund no longer has any investment cause actual future contributions to differ from our current estimates
in MLSE as at December 31, 2023. and could require us to increase contributions to our post-employment
benefit plans in the future, which could have a negative effect on our
liquidity and financial performance.
We contribute to the DC pension plans as employees provide service.
The following table shows the amounts we contributed to the DB and DC pension plans and the payments made to beneficiaries under OPEB plans.

DB plans DC plans OPEB plans
For the year ended December 31 2023 2022 2023 2022 2023 2022
Contributions/payments (41) (81) (11) (59) (64) (64)
We expect to contribute approximately $45 million to our DB pension plans in 2024, subject to actuarial valuations being completed. We expect
to contribute approximately $10 million to the DC pension plans and to pay approximately $60 million to beneficiaries under OPEB plans in 2024.
NOTE 28 Other non-current liabilities

Provisions 26 286 288

Long-term disability benefits obligation 269 260
Derivative liabilities 29 607 191
Joint venture obligation 9, 20 252 –
Other 303 331
Total other non-current liabilities 1,717 1,070
209
NOTE 29 Financial and capital management
Financial management
Management’s objectives are to protect BCE and its subsidiaries on a Certain fair value estimates are affected by assumptions we make about
consolidated basis against material economic exposures and variability the amount and timing of future cash flows and discount rates, all of
of results from various financial risks, including credit risk, liquidity risk, which reflect varying degrees of risk. Income taxes and other expenses
foreign currency risk, interest rate risk and equity price risk. that may be incurred on disposition of financial instruments are not
reflected in the fair values. As a result, the fair values may not be the
Derivatives net amounts that would be realized if these instruments were settled.
We use derivative instruments to manage our exposure to foreign The carrying values of our cash, cash equivalents, short-term investments,
currency risk, interest rate risk and changes in the price of BCE common trade and other receivables, trade payables and other liabilities, interest
shares. payable, dividends payable, notes payable and loans secured by
receivables approximate fair value as they are short-term. The carrying
Fair value
value of wireless device financing plan receivables approximates
Fair value is the price that would be received to sell an asset or paid to fair value given that their average remaining duration is short and
transfer a liability in an orderly transaction between market participants the carrying value is reduced by an allowance for doubtful accounts
at the measurement date. and an allowance for revenue adjustments. The carrying value of the
Bell Mobility trade loans approximates fair value given their average
remaining duration is short and they bear interest at a variable rate.
The following table provides the fair value details of other financial instruments measured at amortized cost in the statements of financial position.
December 31, 2023 December 31, 2022
Carrying Fair Carrying Fair
Classification Fair value methodology Note value value value value
Debt securities Debt due within one year Quoted market price 24, 25 29,049 28,225 25,061 23,026
and other debt and long-term debt of debt
The following table provides the fair value details of financial instruments measured at fair value in the statements of financial position.
Fair value
Quoted prices in
active markets for Observable Non-observable
Carrying value of identical assets market data market inputs
Classification Note asset (liability) (level 1) (level 2) (1) (level 3) (2)
December 31, 2023
Publicly-traded and Other non-current assets 21 587 10 – 577

privately-held investments (3)
Derivative financial instruments Other current assets, trade (488) – (488) –
payables and other liabilities, other
non-current assets and liabilities
Other Other non-current assets 147 – 216 (69)

and liabilities
December 31, 2022
Publicly-traded and Other non-current assets 21 215 9 – 206

privately-held investments (3)
Derivative financial instruments Other current assets, trade 72 – 72 –
payables and other liabilities, other
non-current assets and liabilities
MLSE financial liability (4) Trade payables and other liabilities 23 (149) – – (149)
Other Other non-current assets 108 – 184 (76)
and liabilities
(1) Observable market data such as equity prices, interest rates, swap rate curves and foreign currency exchange rates.
(2) Non-observable market inputs such as discounted cash flows and revenue and earnings multiples. For certain privately-held investments, changes in our valuation assumption relating
to revenue and earnings multiples may result in a significant increase (decrease) in the fair value of our level 3 financial instruments.
(3) Unrealized gains and losses are recorded in Other comprehensive (loss) income in the statements of comprehensive income and are reclassified from Accumulated other comprehensive
loss to the deficit in the statements of financial position when realized.
(4) Represented BCE’s obligation to repurchase the Master Trust Fund’s 9% interest in MLSE at a price not less than an agreed minimum price. In January 2023, BCE repurchased the interest
in MLSE held by the Master Trust Fund for a cash consideration of $149 million.

Credit risk
We are exposed to credit risk from operating activities and certain and diverse customer base. There was minimal credit risk relating to
financing activities, the maximum exposure of which is represented by derivative instruments at December 31, 2023 and 2022. We deal with
the carrying amounts reported in the statements of financial position. institutions that have investment-grade credit ratings and we expect
that they will be able to meet their obligations. We regularly monitor
We are exposed to credit risk if counterparties to our trade receivables,
our credit risk and credit exposure, and consider, among other factors,
including wireless device financing plan receivables, and derivative
the effects of changes in interest rates and inflation.
instruments are unable to meet their obligations. The concentration of
credit risk from our customers is minimized because we have a large
The following table provides the change in allowance for doubtful accounts for trade receivables.
Note 2023 2022
Balance, January 1 (129) (136)

Additions (126) (109)
Usage and reversals 137 116
Balance, December 31 12 (118) (129)
In many instances, trade receivables are written off directly to bad debt expense if the account has not been collected after a predetermined
period of time.
The following table provides further details on trade receivables, net of allowance for doubtful accounts.
At December 31 2023 2022
Trade receivables not past due 3,158 3,215

Trade receivables past due
Under 60 days 421 434
60 to 120 days 209 253
Over 120 days 53 71
Trade receivables, net of allowance for doubtful accounts 3,841 3,973
The following table provides the change in allowance for doubtful accounts for contract assets.
Note 2023 2022
Balance, January 1 (19) (20)

Additions (40) (20)
Usage and reversals 41 21
Balance, December 31 (18) (19)
Current (6) (7)

Non-current (12) (12)
Balance, December 31 14 (18) (19)

Liquidity risk
Our cash, cash equivalents, short-term investments, amounts available under our securitized receivables program, cash flows from operations
and possible capital markets financing are expected to be sufficient to fund our operations and fulfill our obligations as they become due. Should
our cash requirements exceed the above sources of cash, we would expect to cover such a shortfall by drawing on existing committed bank
facilities and new ones, to the extent available.
The following table is a maturity analysis for recognized financial liabilities at December 31, 2023 for each of the next five years and thereafter.
At December 31, 2023 Note 2024 2025 2026 2027 2028 Thereafter Total
Total debt, excluding lease liabilities 25 2,172 2,690 1,609 1,742 2,120 19,337 29,670
Lease liabilities (1) 25 1,245 1,034 673 403 334 2,041 5,730
Notes payable 24 207 – – – – – 207
Loan secured by receivables 24 1,588 – – – – – 1,588
Interest payable on long-term debt, notes payable
and loan secured by receivables 1,301 1,133 1,060 1,019 962 10,548 16,023
Net (receipts) payments on cross currency interest
rate swaps and interest rate swaps (6) 18 (5) (11) (9) (70) (83)
Total 6,507 4,875 3,337 3,153 3,407 31,856 53,135
(1) Includes imputed interest of $873 million.
We are also exposed to liquidity risk for financial liabilities due within one year as shown in the statements of financial position.
211
Market risk
Currency exposures In 2022, we entered into cross currency interest rate swaps with a
In 2023, we entered into cross currency interest rate swaps with a notional amount of $750 million in U.S. dollars ($954 million in Canadian
notional amount of $360 million in U.S. dollars ($491 million in Canadian dollars) to hedge the U.S. currency exposure of our US-7 Notes maturing
dollars) to hedge the U.S. currency exposure of outstanding loans in 2052. In connection with these swaps, we settled the forward starting
maturing in 2025 under our Bell Mobility trade loan agreement. The fair interest rate swaps and cross currency basis rate swaps entered into
value of the cross currency interest rate swaps at December 31, 2023 in 2021, each of which had a notional amount of $127 million. The fair
was a net liability of $15 million recognized in Other current assets and value of the cross currency interest rate swaps at December 31, 2023
Other non-current liabilities in the statements of financial position. See and December 31, 2022 was a liability of $132 million and $46 million,
Note 24, Debt due within one year and Note 25, Long-term debt, for respectively, recognized in Trade payables and other liabilities and
additional details. Other non-current liabilities in the statements of financial position. See
Note 25, Long-term debt, for additional details.
In 2023, we entered into cross currency interest rate swaps with a
notional amount of $850 million in U.S. dollars ($1,138 million in Canadian A 10% depreciation (appreciation) in the value of the Canadian dollar
dollars) to hedge the U.S. currency exposure of our US-8 Notes maturing relative to the U.S. dollar would result in a gain of $28 million (loss of
in 2033. The fair value of the cross currency interest rate swaps at $100 million) recognized in net earnings at December 31, 2023 and a gain
December 31, 2023 was a net liability of $37 million recognized in Other of $124 million (loss of $123 million) recognized in Other comprehensive
current assets, Trade payables and other liabilities and Other non-current (loss) income at December 31, 2023, with all other variables held constant.
liabilities in the statements of financial position. See Note 25, Long-term A 10% depreciation (appreciation) in the value of the Canadian dollar
debt, for additional details. relative to the Philippine peso would result in a gain (loss) of $5 million
recognized in Other comprehensive (loss) income at December 31, 2023,
with all other variables held constant.
The following table provides further details on our outstanding foreign currency forward contracts and options as at December 31, 2023.
Type of hedge Buy currency Amount to receive Sell currency Amount to pay Maturity Hedged item
Cash flow (1) USD 1,207 CAD 1,609 2024 Loans

Cash flow USD 150 CAD 201 2024 Commercial paper
Cash flow USD 624 CAD 790 2024 Anticipated purchases
Cash flow PHP 2,885 CAD 69 2024 Anticipated purchases
Cash flow USD 495 CAD 645 2025 Anticipated purchases
Economic USD 210 CAD 277 2024 Anticipated purchases
Economic – options (2) USD 175 CAD 225 2024 Anticipated purchases
Economic – call options USD 244 CAD 327 2024 Anticipated purchases
Economic – call options CAD 225 USD 156 2024 Anticipated purchases
Economic – put options USD 519 CAD 675 2024 Anticipated purchases
Economic USD 120 CAD 158 2025 Anticipated purchases
Economic – options (2) USD 65 CAD 85 2025 Anticipated purchases
Economic – call options USD 540 CAD 694 2025 Anticipated purchases
Economic – put options USD 360 CAD 461 2025 Anticipated purchases
(1) Forward contracts to hedge loans secured by receivables under our securitization program. See Note 24, Debt due within one year, for additional information.
(2) Foreign currency options with a leverage provision and a profit cap limitation.
Interest rate exposures of $4 million and ($7) million for the year ended December 31, 2023 and
In 2023, we sold interest rate swaptions with a notional amount of 2022, respectively, relating to the interest rate swaptions is recognized
$250 million to hedge economically the fair value of our Series M-53 MTN in Other expense in the income statements. See Note 25, Long-term
debentures and we sold interest rate swaptions with a notional amount debt, for additional details.
of $425 million to hedge economically the floating interest rate exposure In 2023, we entered into forward starting interest rate swaps, effective
relating to these debentures. These swaptions matured unexercised. In from 2024, with a notional amount of $700 million to hedge the fair
2023, we also entered into interest rate swaps with a notional amount of value of our series M-62 MTN debentures maturing in 2029. The fair
$125 million to hedge the fair value of our Series M-53 MTN debentures value of the interest rate swaps at December 31, 2023 was an asset of
maturing in 2027. In 2022, we sold interest rate swaptions with a $22 million recognized in Other current assets and Other non-current
notional amount of $1,000 million to hedge economically the fair value assets in the statements of financial position. See Note 25, Long-term
of our Series M-53 MTN debentures. Swaptions of a notional amount debt, for additional details.
of $500 million were exercised and the remaining swaptions matured
In 2023, we sold interest rate swaptions with a notional amount
unexercised. The resulting interest rate swaps of a notional amount of
of $375 million to hedge economically the fair value of our Series
$500 million hedge the fair value of our Series M-53 MTN debentures.
M-52 MTN debentures. These swaptions were exercised in 2023, giving
The fair value of the interest rate swaps at December 31, 2023 and 2022
rise to a loss of $1 million recognized in Other expense in the income
was a net liability of $4 million and $14 million, respectively, recognized in
statements. The resulting interest rate swaps with a notional amount
Trade payables and other liabilities, Other non-current assets and Other
of $375 million hedge the fair value of our Series M-52 MTN debentures
non-current liabilities in the statements of financial position. A gain (loss)

maturing in 2030. In 2023, we also entered into additional interest rate date of these cross currency basis rate swaps was extended to 2024
swaps with a notional amount of $125 million to hedge the fair value resulting in an increase in their notional amount to $644 million at
of our Series M-52 MTN debentures. The fair value of the interest rate December 31, 2023. The fair value of the cross currency basis rate
swaps at December 31, 2023 was a net asset of $12 million recognized swaps at December 31, 2023 and 2022 was a liability of $13 million
in Other current assets, Trade payables and other liabilities and Other and $33 million, respectively, recognized in Trade payables and
non-current assets in the statements of financial position. See Note 25, other liabilities in the statements of financial position. A gain (loss) of
Long-term debt, for additional details. $20 million and ($33) million for the year ended December 31, 2023
and 2022, respectively, relating to the basis rate swaps is recognized
In 2023, we sold interest rate swaptions with a notional amount of
in Other expense in the income statements.
$125 million to hedge economically the fair value of our Series M-57 MTN
debentures. These swaptions were exercised in 2023, giving rise to a We use leveraged interest rate options to hedge economically the
loss of $2 million recognized in Other expense in the income statements. dividend rate resets on $582 million of our preferred shares which
The resulting interest rate swaps with a notional amount of $125 million had varying reset dates in 2021 for the periods ending in 2026. The
hedge the fair value of our Series M-57 MTN debentures maturing in fair value of the leveraged interest rate options at December 31, 2023
2032. In 2023, we also entered into additional interest rate swaps with and 2022 was nil and a liability of $1 million, respectively, recognized
a notional amount of $375 million to hedge the fair value of our Series in Trade payables and other liabilities and Other non-current liabilities
M-57 MTN debentures. The fair value of the interest rate swaps at in the statements of financial position.
December 31, 2023 was a net asset of $24 million recognized in Other A 1% increase (decrease) in interest rates would result in a loss (gain)
current assets, Trade payables and other liabilities, Other non-current
of $26 million recognized in net earnings at December 31, 2023, with
assets and Other non-current liabilities in the statements of financial
all other variables held constant.
position. See Note 25, Long-term debt, for additional details.
A 0.1% increase (decrease) in cross currency basis swap rates would
In 2023, we entered into forward starting interest rate swaps, effective result in a gain (loss) of $11 million recognized in net earnings at
from 2028, with a notional amount of $125 million to hedge the fair value December 31, 2023, with all other variables held constant.
of our series M-59 MTN debentures maturing in 2053. In 2023, we also
entered into forward starting interest rate swaps, effective from 2028, Equity price exposures
with a notional amount of $400 million to hedge the fair value of our We use equity forward contracts on BCE’s common shares to hedge
series M-61 MTN debentures maturing in 2053. The fair value of the economically the cash flow exposure related to the settlement of equity
interest rate swaps at December 31, 2023 was an asset of $48 million settled share-based compensation plans. The fair value of our equity
recognized in Other non-current assets in the statements of financial forward contracts at December 31, 2023 and December 31, 2022 was
position. See Note 25, Long-term debt, for additional details. a net liability of $162 million and $48 million, respectively, recognized
In 2023, we entered into an amortizing interest rate swap with an initial in Other current assets, Trade payables and other liabilities, Other
notional amount of $197 million, to hedge the interest rate exposure on non-current assets and Other non-current liabilities in the statements
other debt maturing in 2028. The fair value of the amortizing interest rate of financial position. A loss of $103 million and $53 million for the year
swap at December 31, 2023 was a net liability of $2 million recognized in ended December 31, 2023 and 2022, respectively, relating to the
Other current assets and Other non-current liabilities in the statements equity forward contracts is recognized in Other expense in the income
of financial position. statements. See Note 31, Share-based payments, for additional details.
In 2022, we entered into cross currency basis rate swaps maturing A 5% increase (decrease) in the market price of BCE’s common shares
in 2023 with a notional amount of $638 million to hedge economically would result in a gain (loss) of $29 million recognized in net earnings at
the basis rate exposure on future debt issuances. In 2023, the maturity December 31, 2023, with all other variables held constant.

Capital management
We have various capital policies, procedures and processes which by 0.98 and exceeded our adjusted EBITDA to adjusted net interest
are utilized to seek to achieve our objectives for capital management. expense ratio target by 0.56. Going forward, our objective is to see our
These include optimizing our cost of capital and maximizing shareholder net debt leverage ratio decline over time to be in the range of 3.0 times
return while balancing the interests of our stakeholders. adjusted EBITDA. While currently in excess of this level, our net debt
leverage ratio is still consistent with a strong balance sheet, ample
Our definition of capital includes equity attributable to BCE shareholders,
financial flexibility and investment grade credit ratings. Additionally,
debt, cash, cash equivalents and short-term investments.
given the correlation between adjusted EBITDA to adjusted net interest
In 2023 and 2022, the key ratios that we used to monitor and manage expense ratio and the net debt leverage ratio, we are simplifying our
our capital structure were a net debt leverage ratio (1) and an adjusted internal targets to reflect the net debt leverage ratio only and will not
EBITDA to adjusted net interest expense ratio (2). In 2023 and 2022, our report against adjusted EBITDA to adjusted net interest expense in the
net debt leverage ratio target range was 2.0 to 2.5 times adjusted future. We believe that this ratio is of less relative importance to our
EBITDA and our adjusted EBITDA to adjusted net interest expense investors, lenders and other stakeholders as a measure of the strength
ratio target was greater than 7.5 times. At December 31, 2023, we had of our capital structure.
exceeded the limit of our internal net debt leverage ratio target range
(1) Our net debt leverage ratio represents net debt divided by adjusted EBITDA. We define net debt as debt due within one year plus long-term debt and 50% of preferred shares, less cash,
cash equivalents and short-term investments, as shown in our statements of financial position. For the purposes of calculating our net debt leverage ratio, adjusted EBITDA is twelve-month
trailing adjusted EBITDA.
(2) Our adjusted EBITDA to adjusted net interest expense ratio represents adjusted EBITDA divided by adjusted net interest expense. We define adjusted net interest expense as twelve-month
trailing net interest expense as shown in our statements of cash flows plus 50% of twelve-month trailing net earnings attributable to preferred shareholders as shown in our income
statements. For the purposes of calculating our adjusted EBITDA to adjusted net interest expense ratio, adjusted EBITDA is twelve-month trailing adjusted EBITDA.
213
We believe that certain investors and analysts use our net debt leverage On February 7, 2024, the board of directors of BCE approved an increase
ratio as a measure of financial leverage and health of the company. of 3.1% in the annual dividend on BCE’s common shares, from $3.87 to
$3.99 per common share.
The following table provides a summary of our key ratios.
On February 1, 2023, the board of directors of BCE approved an increase
At December 31 2023 2022
of 5.2% in the annual dividend on BCE’s common shares, from $3.68 to
Net debt leverage ratio 3.48 3.30
$3.87 per common share.
Adjusted EBITDA to adjusted net
interest expense ratio 6.94 8.50 In Q4 2023, BCE renewed its normal course issuer bid program (NCIB)
with respect to its First Preferred Shares. See Note 30, Share capital,
for additional details.
NOTE 30 Share capital

Preferred shares
BCE’s articles of amalgamation, as amended, provide for an unlimited number of First Preferred Shares and Second Preferred Shares, all without
par value. The terms set out in the articles authorize BCE’s directors to issue the shares in one or more series and to set the number of shares
and the conditions for each series.
The following table provides a summary of the principal terms of BCE’s First Preferred Shares as at December 31, 2023. There were no Second
Preferred Shares issued and outstanding at December 31, 2023. BCE’s articles of amalgamation, as amended, describe the terms and conditions
of these shares in detail.
Annual Number of shares Stated capital
dividend Convertible Redemption issued and
Series rate into Conversion date Redemption date price outstanding December 31, 2023 December 31, 2022
Q floating Series R December 1, 2030 At any time $25.50 – – –

R (1) 3.018% Series Q December 1, 2025 December 1, 2025 $25.00 7,764,800 194 200
S floating Series T November 1, 2026 At any time $25.50 2,054,167 51 53
T (1) 4.99% Series S November 1, 2026 November 1, 2026 $25.00 5,301,633 132 146
Y floating Series Z December 1, 2027 At any time $25.50 6,451,752 161 175
Z (1) 5.346% Series Y December 1, 2027 December 1, 2027 $25.00 2,708,031 68 74
AA (1) 4.94% Series AB September 1, 2027 September 1, 2027 $25.00 11,482,631 293 312
AB floating Series AA September 1, 2027 At any time $25.50 6,918,839 176 195
AC (1) 5.08% Series AD March 1, 2028 March 1, 2028 $25.00 6,482,274 165 255
AD floating Series AC March 1, 2028 At any time $25.50 12,513,726 319 254
AE floating Series AF February 1, 2025 At any time $25.50 6,022,513 151 162
AF (1) 3.865% Series AE February 1, 2025 February 1, 2025 $25.00 9,076,087 227 237
AG (1) 3.37% Series AH May 1, 2026 May 1, 2026 $25.00 8,442,830 211 223
AH floating Series AG May 1, 2026 At any time $25.50 4,784,070 120 125
AI (1) 3.39% Series AJ August 1, 2026 August 1, 2026 $25.00 9,246,640 231 237
AJ floating Series AI August 1, 2026 At any time $25.50 4,118,260 103 111
AK (1) 3.306% Series AL December 31, 2026 December 31, 2026 $25.00 22,303,812 558 578
AL (2) floating Series AK December 31, 2026 At any time 1,755,688 44 45
AM (1) 2.939% Series AN March 31, 2026 March 31, 2026 $25.00 10,183,378 233 239
AN (2) floating Series AM March 31, 2026 At any time 1,035,822 24 24
AO (3) fixed Series AP – – –
AP (3) floating Series AO – – –
AQ (1) 6.538% Series AR September 30, 2028 September 30, 2028 $25.00 8,303,614 206 225
AR (4) floating Series AQ September 30, 2033 At any time – – –
3,667 3,870
(1) BCE may redeem each of these series of First Preferred Shares on the applicable redemption date and every five years thereafter.
(2) BCE may redeem Series AL and AN First Preferred Shares at $25.00 per share on December 31, 2026 and March 31, 2026, respectively, and every five years thereafter (each, a Series
conversion date). Alternatively, BCE may redeem Series AL or AN First Preferred Shares at $25.50 per share on any date which is not a Series conversion date for the applicable series of
First Preferred Shares.
(3) On March 31, 2022, BCE redeemed its 4,600,000 issued and outstanding Series AO First Preferred Shares with a stated capital of $118 million for a total cost of $115 million. The remaining
$3 million was recorded to contributed surplus.
(4) If Series AR First Preferred Shares are issued on September 30, 2028, BCE may redeem such shares at $25.00 per share on September 30, 2033 and every five years thereafter (each, a
Series conversion date). Alternatively, BCE may redeem Series AR Preferred Shares at $25.50 per share on any date which is not a Series conversion date for such series of First Preferred
Shares.

Normal course issuer bid for BCE Priority and entitlement to dividends
First Preferred Shares The First Preferred Shares of all series rank at parity with each other
On November 2, 2023, BCE announced the renewal of its NCIB to and in priority to all other shares of BCE with respect to payment of
purchase for cancellation up to 10% of the public float of each series of dividends and with respect to distribution of assets in the event of
BCE’s outstanding First Preferred Shares that are listed on the Toronto liquidation, dissolution or winding up of BCE.
Stock Exchange. The NCIB will extend up to November 8, 2024, or an Holders of Series R, T, Z, AA, AC, AF, AG, AI, AK, AM and AQ First Preferred
earlier date should BCE complete its purchases under the NCIB. Shares are entitled to fixed cumulative quarterly dividends. The dividend
In 2023, BCE repurchased and canceled 8,124,533 First Preferred Shares rate on these shares is reset every five years, as set out in BCE’s articles
under its NCIB with a stated capital of $203 million for a total cost of of amalgamation, as amended.
$140 million. The remaining $63 million was recorded to contributed Holders of Series S, Y, AB, AD, AE, AH and AJ First Preferred Shares
surplus. are entitled to floating adjustable cumulative monthly dividends. The
Subsequent to year end, BCE repurchased and canceled 1,412,388 First floating dividend rate on these shares is calculated every month, as
Preferred Shares under its NCIB with a stated capital of $36 million for set out in BCE’s articles of amalgamation, as amended.
a total cost of $25 million. The remaining $11 million was recorded to Holders of Series AL and AN First Preferred Shares are entitled to
contributed surplus. floating cumulative quarterly dividends. The floating dividend rate on
On November 3, 2022, BCE announced the renewal of its NCIB to these shares is calculated every quarter, as set out in BCE’s articles of
purchase for cancellation up to 10% of the public float of each series amalgamation, as amended.
of BCE’s outstanding First Preferred Shares that are listed on the Dividends on all series of First Preferred Shares are paid as and when
Toronto Stock Exchange. The NCIB extended from November 9, 2022 declared by the board of directors of BCE.
to November 8, 2023.
In 2022, BCE repurchased and canceled 584,300 First Preferred Shares Conversion features
with a stated capital of $15 million for a total cost of $10 million. The All of the issued and outstanding First Preferred Shares at
remaining $5 million was recorded to contributed surplus. December 31, 2023 are convertible at the holder’s option into another
associated series of First Preferred Shares on a one-for-one basis
Voting rights according to the terms set out in BCE’s articles of amalgamation, as
All of the issued and outstanding First Preferred Shares at amended.
December 31, 2023 are non-voting, except under special circumstances
when the holders are entitled to one vote per share.
Common shares and Class B shares

BCE’s articles of amalgamation provide for an unlimited number of voting common shares and non-voting Class B shares, all without par value.
The common shares and the Class B shares rank equally in the payment of dividends and in the distribution of assets if BCE is liquidated, dissolved
or wound up, after payments due to the holders of preferred shares. No Class B shares were outstanding at December 31, 2023 and 2022.
The following table provides details about the outstanding common shares of BCE.
2023 2022
Number of Stated Number of Stated
Note shares capital shares capital

Outstanding, January 1 911,982,866 20,840 909,018,871 20,662
Shares issued under deferred share plan 843 – 11,003 1
Shares issued under employee stock option plan 31 306,139 19 2,952,992 177
Unclaimed shares (1) (15,303) – – –
Outstanding, December 31 912,274,545 20,859 911,982,866 20,840
(1) Represents unclaimed shares following the expiry of former Manitoba Telecom Services Inc. (MTS) shareholders’ rights to receive BCE common shares in connection with the acquisition
of MTS.
Contributed surplus
Contributed surplus in 2023 and 2022 includes premiums in excess of par value upon the issuance of BCE common shares and share-based
compensation expense net of settlements.
215
NOTE 31 Share-based payments
The following share-based payment amounts are included in the income statements as operating costs.
ESP (29) (28)

RSUs/PSUs (62) (69)
DSUs and stock options (4) (4)
Total share-based payments (95) (101)
Description of the plans

ESP At December 31, 2023, 4,360,087 common shares were authorized for
The ESP is designed to encourage employees of BCE and its participating issuance from treasury under the ESP. At December 31, 2023 and 2022,
subsidiaries to own shares of BCE. Employees can choose to have up to there were 1,077,613 and 1,028,161 unvested employer ESP contributions,
12% of their eligible annual earnings withheld through regular payroll respectively.
deductions for the purchase of BCE common shares. In some cases,
the employer also contributes up to 2% of the employee’s eligible RSUs/PSUs
annual earnings to the plan. Dividends are credited to the participant’s RSUs/PSUs are granted to executives and other eligible employees.
account on each dividend payment date and are equivalent in value to Dividends in the form of additional RSUs/PSUs are credited to the
the dividends paid on BCE common shares. Employer contributions to participant’s account on each dividend payment date and are equivalent
the ESP and related dividends are subject to employees holding their in value to the dividends paid on BCE common shares. Executives and
shares for a two-year vesting period. other eligible employees are granted a specific number of RSUs/PSUs
for a given performance period based mainly on their level and position.
The trustee of the ESP buys BCE common shares for the participants on
RSUs/PSUs vest fully after three years of continuous employment from
the open market, by private purchase or from treasury. BCE determines
the date of grant and if performance objectives are met for certain
the method the trustee uses to buy the shares.
PSUs, as determined by the board of directors.
The following table summarizes RSUs/PSUs outstanding at December 31, 2023 and 2022.
Number of RSUs/PSUs 2023 2022
Outstanding, January 1 3,124,187 3,085,667

Granted (1) 1,125,502 1,016,211
Dividends credited 213,427 173,100
Settled (957,402) (1,061,392)
Forfeited (92,902) (89,399)
Outstanding, December 31 3,412,812 3,124,187
Vested, December 31 (2) 1,225,815 887,158

(1) The weighted average fair value of the RSUs/PSUs granted was $61 in 2023 and $66 in 2022.
(2) The RSUs/PSUs vested on December 31, 2023 were fully settled in February 2024 with BCE common shares and/or DSUs.
DSUs Stock options

Eligible bonuses and RSUs may be paid in the form of DSUs when Under BCE’s long-term incentive plans, BCE may grant options to
executives or other eligible employees elect or are required to participate executives to buy BCE common shares. The subscription price of a
in the plan. The value of a DSU at the issuance date is equal to the value of grant is based on the higher of:
one BCE common share. For non-management directors, compensation • the volume-weighted average of the trading price on the trading day
is paid in DSUs until the minimum share ownership requirement is met; immediately prior to the effective date of the grant
thereafter, at least 50% of their compensation is paid in DSUs. There
• the volume-weighted average of the trading price for the last five
are no vesting requirements relating to DSUs. Dividends in the form consecutive trading days ending on the trading day immediately
of additional DSUs are credited to the participant’s account on each prior to the effective date of the grant
dividend payment date and are equivalent in value to the dividends
paid on BCE common shares. DSUs are settled when the holder leaves At December 31, 2023, in addition to the stock options outstanding,
the company. 4,496,051 common shares were authorized for issuance under these
plans. Options vest fully after three years of continuous employment
At December 31, 2023 and 2022, there were 3,573,182 and 3,321,167 DSUs from the date of grant. All options become exercisable when they vest
outstanding, respectively. and can be exercised for a period of seven years from the date of grant
for options granted prior to 2019 and ten years from the date of grant
for options granted since 2019.

The following table summarizes stock options outstanding at December 31, 2023 and 2022.
2023 2022
Weighted average Weighted average
Number exercise price Number exercise price
Note of options ($) of options ($)
Outstanding, January 1 7,802,108 61 10,778,724 60

Exercised (1) 30 (306,139) 60 (2,952,992) 58
Forfeited or expired (11,408) 63 (23,624) 65
Outstanding, December 31 7,484,561 61 7,802,108 61
Exercisable, December 31 7,484,561 61 4,539,188 58
(1) The weighted average market share price for options exercised was $63 in 2023 and $69 in 2022.
The following table provides additional information about BCE’s stock option plans at December 31, 2023 and 2022.
Stock options outstanding
2023 2022
Weighted average Weighted average Weighted average Weighted average
remaining life exercise price remaining life exercise price
Range of exercise prices Number (years) ($) Number (years) ($)
$50–$59 4,291,180 3 58 4,510,298 4 58

$60 & above 3,193,381 6 65 3,291,810 7 65
7,484,561 4 61 7,802,108 5 61
NOTE 32 Additional cash flow information

The following table provides a reconciliation of changes in assets and liabilities arising from financing activities.
Debt due Derivative
within one to hedge
year and foreign
long-term currency Dividends Other
Note debt on debt (1) payable liabilities (2) Total
January 1, 2023 31,920 (307) 867 253 32,733
Cash flows from (used in) financing activities

Decrease in notes payable (646) – – – (646)
Issue of long-term debt 5,195 – – – 5,195
Repayment of long-term debt (1,858) – – – (1,858)
Repurchase of financial liability – – – (149) (149)
Cash dividends paid on common and preferred shares – – (3,668) – (3,668)
Cash dividends paid by subsidiaries to non-controlling interests 36 – – (47) – (47)

Other financing activities (24) – – – (24)
Total cash flows from (used in) financing activities excluding equity 2,667 – (3,715) (149) (1,197)
Non-cash changes arising from

Increase in lease liabilities 1,562 – – – 1,562
Dividends declared on common and preferred shares – – 3,717 – 3,717
Dividends declared by subsidiaries to non-controlling interests – – 47 – 47
Effect of changes in foreign exchange rates (169) 169 – – –
Business acquisitions 4 5 – – – 5
Business disposition 4 (93) – – – (93)
Reclassification to liabilities held for sale (7) – – – (7)
Other 292 (15) (6) (26) 245
Total non-cash changes 1,590 154 3,758 (26) 5,476
December 31, 2023 36,177 (153) 910 78 37,012
(1) Included in Other current assets, Trade payables and other liabilities and Other non-current liabilities in the statements of financial position.
(2) We have reclassified amounts from the previous period to make them consistent with the presentation for the current period.
217
Debt due Derivative
within one to hedge
year and foreign
long-term currency Dividends Other
Note debt on debt (1) payable liabilities (2) Total
January 1, 2022 29,673 79 811 294 30,857
Cash flows from (used in) financing activities

Increase in notes payable 42 69 – – 111
Issue of long-term debt 1,951 – – – 1,951
Repayment of long-term debt (2,023) – – – (2,023)
Cash dividends paid on common and preferred shares – – (3,448) – (3,448)
Cash dividends paid by subsidiaries to non-controlling interests 36 – – (39) – (39)
Increase in securitized trade receivables 700 – – – 700
Other financing activities (13) – – (18) (31)
Total cash flows from (used in) financing activities excluding equity 657 69 (3,487) (18) (2,779)
Non-cash changes arising from

Increase in lease liabilities 1,008 – – – 1,008
Dividends declared on common and preferred shares – – 3,508 – 3,508
Dividends declared by subsidiaries to non-controlling interests – – 39 – 39
Effect of changes in foreign exchange rates 437 (437) – – –
Business acquisitions 8 – – – 8
Business disposition (14) – – – (14)
Other 151 (18) (4) (23) 106
Total non-cash changes 1,590 (455) 3,543 (23) 4,655
December 31, 2022 31,920 (307) 867 253 32,733
(1) Included in Other current assets, Other non-current assets and Trade payables and other liabilities in the statements of financial position.
(2) We have reclassified amounts from the previous period to make them consistent with the presentation for the current period.
NOTE 33 Remaining performance obligations

The following table shows revenues expected to be recognized in the future related to performance obligations that are unsatisfied (or partially
unsatisfied) as at December 31, 2023.
2024 2025 2026 2027 2028 Thereafter Total
Bell CTS 3,019 1,713 765 375 171 482 6,525

Bell Media 35 – – – – – 35
Total 3,054 1,713 765 375 171 482 6,560

When estimating minimum transaction prices allocated to the remaining unfulfilled, or partially unfulfilled, performance obligations, BCE applied
the practical expedient to not disclose information about remaining performance obligations that have an original expected duration of one
year or less and for those contracts where we bill the same value as that which is transferred to the customer.

NOTE 34 Commitments and contingencies
Commitments
The following table is a summary of our contractual obligations at December 31, 2023 that are due in each of the next five years and thereafter.
2024 2025 2026 2027 2028 Thereafter Total
Commitments for property, plant and

equipment and intangible assets 2,043 1,513 599 316 246 1,041 5,758
Purchase obligations 619 513 537 314 219 820 3,022
Planned acquisition of OUTFRONT Media Inc. 410 – – – – – 410
Leases committed not yet commenced 2 6 – – – – 8
Total 3,074 2,032 1,136 630 465 1,861 9,198
Our commitments for property, plant and equipment and intangible On October 23, 2023, Bell Media announced it plans to acquire the
assets include program and feature film rights and investments to Canadian OOH media business of OUTFRONT Media Inc. The transaction
expand and update our networks to meet customer demand. is valued at $410 million, subject to certain adjustments, and is expected
to close in the first half of 2024, subject to regulatory approval and
Purchase obligations consist of contractual obligations under service
other closing conditions. The acquisition of the Canadian OOH media
and product contracts for operating expenditures and other purchase
business of OUTFRONT Media Inc. is expected to support Bell Media’s
obligations.
digital media strategy and to deliver impactful, multi-channel marketing
Our commitments for leases not yet commenced include real estate, solutions coast-to-coast. The results of the Canadian OOH business
OOH advertising spaces and fibre use. These leases are non-cancellable. of OUTFRONT Media Inc. will be included in our Bell Media segment.
Contingencies
As part of its ongoing review of wholesale Internet rates, on October 6, While there remains a requirement to refund monies to third-party
2016, the CRTC significantly reduced, on an interim basis, some of the Internet resellers, the establishment of final wholesale rates that
wholesale rates that Bell Canada and other major providers charge are similar to those prevailing since 2019 reduces the impact of the
for access by third-party Internet resellers to fibre-to-the-node (FTTN) CRTC’s long-running review of wholesale Internet rates. The largest
or cable networks, as applicable. On August 15, 2019, the CRTC further reseller, TekSavvy Solutions Inc. (TekSavvy), obtained leave to appeal
reduced the wholesale rates that Internet resellers pay to access network the CRTC’s decision of May 27, 2021 before the Federal Court of Appeal.
infrastructure built by facilities-based providers like Bell Canada, with Oral hearings are now complete and we are awaiting a decision of
retroactive effect back to March 2016. the court. The decision was also challenged in three petitions brought
by TekSavvy, the Canadian Network Operators Consortium Inc. and
The August 2019 decision was stayed, first by the Federal Court of
National Capital Freenet before Cabinet, but on May 26, 2022, Cabinet
Appeal and then by the CRTC, with the result that it never came into
announced it would not alter the decision.
effect. In response to review and vary applications filed by each of
Bell Canada, five major cable carriers (Cogeco Communications Inc., In the ordinary course of business, we become involved in various claims
Bragg Communications Inc. (Eastlink), Rogers Communications and legal proceedings seeking monetary damages and other relief. In

Canada Inc., Shaw Communications Inc. and Videotron Ltée) and Telus particular, because of the nature of our consumer-facing business, we
Communications Inc., the CRTC issued Decision 2021-182 on May 27, are exposed to class actions pursuant to which substantial monetary
2021, which mostly reinstated the rates prevailing prior to August 2019 damages may be claimed. Due to the inherent risks and uncertainties
with some reductions to the Bell Canada rates with retroactive effect to of the litigation process, we cannot predict the final outcome or timing
March 2016. As a result, in Q2 2021, we recorded a reduction in revenue of claims and legal proceedings. Subject to the foregoing, and based on
of $44 million in our income statements. information currently available and management’s assessment of the
merits of the claims and legal proceedings pending at March 7, 2024,
management believes that the ultimate resolution of these claims and
legal proceedings is unlikely to have a material and negative effect on
our financial statements. We believe that we have strong defences and
we intend to vigorously defend our positions.
219
NOTE 35 Related party transactions
Subsidiaries
The following table shows BCE’s significant subsidiaries at December 31, 2023. BCE has other subsidiaries which have not been included in the
table as each represents less than 10% individually and less than 20% in aggregate of total consolidated revenues.
All of these significant subsidiaries are incorporated in Canada and provide services to each other in the normal course of operations. The value
of these transactions is eliminated on consolidation.
Ownership percentage
Subsidiary 2023 2022
Bell Canada 100% 100%

Bell Mobility Inc. 100% 100%
Bell Media Inc. 100% 100%
Transactions with joint arrangements and associates

During 2023 and 2022, BCE provided communication services and received programming content and other services in the normal course
of business on an arm’s length basis to and from its joint arrangements and associates. Our joint arrangements and associates include MLSE,
Glentel Inc. and Dome Productions Partnership. From time to time, BCE may be required to make capital contributions in its investments.
In 2023, BCE recognized revenues and incurred expenses with our joint arrangements and associates of $12 million (2022 – $10 million) and
$200 million (2022 – $187 million), respectively.
BCE Master Trust Fund

Bimcor Inc. (Bimcor), a wholly-owned subsidiary of Bell Canada, is the administrator of the Master Trust Fund. Bimcor recognized management
fees of $15 million for 2023 and $13 million for 2022 from the Master Trust Fund. The details of BCE’s post-employment benefit plans are set out
in Note 27, Post-employment benefit plans.
Compensation of key management personnel

The following table includes compensation of key management personnel for the years ended December 31, 2023 and 2022 included in our
income statements. Key management personnel have the authority and responsibility for overseeing, planning, directing and controlling our
business activities and consists of our Board of Directors and our Executive Leadership Team.
Wages, salaries, fees and related taxes and benefits (28) (28)
Post-employment benefit plans and OPEBs cost (3) (4)
Share-based compensation (30) (38)
Key management personnel compensation expense (61) (70)

NOTE 36 Significant partly-owned subsidiary
The following tables show summarized financial information for our subsidiary with significant non-controlling interest (NCI).
Summarized statements of financial position

CTV Specialty (1) (2)
Current assets 466 400

Non-current assets 941 958
Total assets 1,407 1,358
Current liabilities 153 140

Non-current liabilities 239 246
Total liabilities 392 386
Total equity attributable to BCE shareholders 707 678
NCI 308 294
(1) At December 31, 2023 and 2022, the ownership interest held by NCI in CTV Specialty Television Inc. (CTV Specialty) was 29.9%. CTV Specialty was incorporated and operated in Canada
as at such dates.
(2) CTV Specialty’s net assets at December 31, 2023 and 2022 include $7 million and $5 million, respectively, directly attributable to NCI.
Selected income and cash flow information

CTV Specialty (1)
Operating revenues 969 986

Net earnings 209 180
Net earnings attributable to NCI 65 57
Total comprehensive income 196 198

Total comprehensive income attributable to NCI 61 63
Cash dividends paid to NCI 47 39
(1) CTV Specialty’s net earnings and total comprehensive income include $3 million and $4 million directly attributable to NCI for 2023 and 2022, respectively.
221
Board of directors
As of March 7, 2024
Gordon M. Nixon, Robert P. Dexter Louis P. Pagnutti, Jennifer Tory, C.M.

C.M., O.Ont. NOVA SCOTIA, CANADA FCPA, FCA ONTARIO, CANADA
ONTARIO, CANADA Chair and ONTARIO, CANADA Corporate Director
Corporate Director Chief Executive Officer, Corporate Director Director since April 2021
Chair of the Board, Maritime Travel Inc. Director since November 2020
BCE Inc. and Bell Canada Louis Vachon,
Director since November 2014
Calin Rovinescu, C.M. C.M., O.Q.
Director since November 2014
Katherine Lee ONTARIO, CANADA QUÉBEC, CANADA
Mirko Bibic ONTARIO, CANADA Corporate Director Operating Partner,
ONTARIO, CANADA Corporate Director Director since April 2016 J.C. Flowers & Co.
President and Director since August 2015 Director since October 2022
Chief Executive Officer, Karen Sheriff
BCE Inc. and Bell Canada Monique F. Leroux, ONTARIO, CANADA Johan Wibergh
C.M., O.Q., FCPA, FCA Corporate Director BARBADOS
Director since January 2020
QUÉBEC, CANADA Director since April 2017 Corporate Director
David F. Denison, Corporate Director Director since November 2023
FCPA, FCA Robert C. Simmonds
Director since April 2016
ONTARIO, CANADA ONTARIO, CANADA Cornell Wright
Corporate Director Sheila A. Murray Chair, ONTARIO, CANADA
ONTARIO, CANADA Lenbrook Corporation President,
Director since October 2012
Corporate Director Director since May 2011 Wittington Investments, Limited
Director since May 2020 Director since April 2021
Committees of the Board

Audit Corporate governance Management Risk and pension fund
committee committee resources and committee
L.P. Pagnutti (Chair), K. Lee, M.F. Leroux (Chair), D.F. Denison, compensation C. Rovinescu (Chair), R.P. Dexter,
M.F. Leroux, J. Tory, C. Wright K. Lee, K. Sheriff, R.C. Simmonds, committee S.A. Murray, L.P. Pagnutti,
The audit committee assists C. Wright D.F. Denison (Chair), R.P. Dexter, K. Sheriff, R.C. Simmonds,
the Board in the oversight of: The CGC assists the Board to: S.A. Murray, C. Rovinescu, L. Vachon
• the integrity of BCE’s J. Tory, L. Vachon
• develop and implement BCE’s The RPFC assists the Board in
financial statements and corporate governance policies The MRCC assists the Board in the oversight of:
related information and guidelines the oversight of: • BCE’s enterprise risk governance
• BCE’s compliance with applicable • identify individuals qualified to • compensation, nomination, framework and the policies,
legal and regulatory requirements become members of the Board evaluation and succession of procedures and controls
• the independence, • determine the composition of officers and other management management uses to evaluate
qualifications and appointment the Board and its committees personnel and manage key risks to which
of the external auditors BCE is exposed
• determine the directors’ • BCE’s workplace policies and
• the performance of both the compensation for Board and practices (including health • BCE’s exposure to key risks,
external and internal auditors committee service and safety policies, policies except for risks that remain the
ensuring a respectful workplace primary responsibility of another
• management’s responsibility • develop and oversee a process
Board of directors / Executives
for assessing and reporting free from harassment, and committee of the Board
to assess the Board, committees
on the effectiveness of of the Board, the Chair of the policies ensuring a diverse • the administration, funding
internal controls Board, Chairs of committees, and inclusive workplace) and investment of BCE’s pension
• BCE’s exposure to risk associated plans and funds
• BCE’s risks as they relate and individual directors
to financial reporting. • oversee BCE’s policies concerning with its executive compensation • the unitized pooled funds
business conduct, ethics, public and policies and identification sponsored by BCE for
disclosure of material information, of practices and policies to the collective investment
AI governance and other matters mitigate such risk. of the funds and the participant
subsidiaries’ pension funds.
• oversee BCE’s ESG strategy
(including climate change strategy
and climate-related matters, and
supply chain labour issues), and
its integration within BCE’s overall
business strategy, and disclosure.

Executives
As of March 7, 2024
Mirko Bibic Robert Malcolmson

President and Chief Executive Officer Executive Vice President and
BCE Inc. and Bell Canada Chief Legal & Regulatory Officer
Sean Cohan
President, Bell Media Curtis Millen
Bell Canada Executive Vice President and
Chief Financial Officer
Stephen Howe BCE Inc. and Bell Canada
Chief Technology and Information Officer
Bell Canada Nikki Moffat
Executive Vice President, Corporate Services and
Blaik Kirby Chief Human Resources Officer
Group President, Consumer and BCE Inc. and Bell Canada
Small & Medium Business (SMB)
Bell Canada Karine Moses
Senior Vice President, Content Development &
Devorah Lithwick News and Vice Chair, Québec
Senior Vice President and Chief Brand Officer Bell Canada
Bell Canada
John Watson
Group President, Business Markets,
Customer Experience and AI
Bell Canada
Board of directors / Executives
223
Investor information
Share facts Tax aspects
Shareholders are required to pay tax on dividends received as well as on capital
Symbol gains they realize, if any, when they sell their shares or are deemed to have
BCE sold them.
The sale or disposition of your shares

Listings could trigger a capital gain
IMPORTANT: If you received Nortel Networks common shares in May 2000
TSX and NYSE stock exchanges
and/or Bell Aliant Regional Communications Income Fund units in July 2006,
You will find a summary of the differences
you should contact the Investor Relations group to learn more about the tax
between our governance practices and the
implications of these plans of arrangement and the impact on the calculation
NYSE corporate governance rules in the
of your cost, or visit BCE.ca.
Governance section of our website at BCE.ca.
Dividends
Common shares outstanding Since January 1, 2006 and unless stated otherwise, dividends paid by BCE Inc. to
December 31, 2023 – 912,274,545 Canadian residents are eligible dividends as per the Canadian Income Tax Act. Since
March 24, 2006 and unless stated otherwise, dividends paid by BCE Inc. to Québec
residents also qualify as eligible dividends.
Quarterly dividend*
$0.9975 per common share Non-residents of Canada
Dividends paid or credited to non-residents of Canada are subject to a 25% withholding
tax unless reduced by a tax treaty. Under current tax treaties, U.S. and U.K. residents
2024 dividend schedule*
are subject to a 15% withholding tax.
Record date Payment date**
Beginning in 2012, the Canada Revenue Agency introduced new rules requiring
March 15, 2024 April 15, 2024 residents of any country with which Canada has a tax treaty to certify that they
June 14, 2024 July 15, 2024 reside in that country and are eligible to have Canadian non-resident tax withheld
on the payment of their dividends at the tax treaty rate. Registered shareholders
September 16, 2024 October 15, 2024 should have completed the Declaration of Eligibility for Benefits under a Tax Treaty
December 16, 2024 January 15, 2025 for a Non-Resident Taxpayer and returned it to the transfer agent.
* Subject to dividends being declared by the board of directors. U.S. Residents

** When a dividend payment date falls on a date that is not a
business day, the payment is made on the following business day. In addition to the Declaration of Eligibility for Benefits under a Tax Treaty for a
Non-Resident Taxpayer mentioned above, we are required to solicit taxpayer
identification numbers and Internal Revenue Service (IRS) Form W-9 certifications
2024 quarterly earnings of residency from certain U.S. residents. If these have not been received, we may be
release dates required to deduct the IRS’s specified backup withholding tax. For more information,
First quarter May 2, 2024 please contact the transfer agent or the Investor Relations group.
Second quarter August 1, 2024

Third quarter November 7, 2024
Fourth quarter February 6, 2025
Quarterly and annual reports as well as other

corporate documents can be found on our
website. Copies can be requested from the
Investor information
Investor Relations group.

Shareholder services Contact information
Dividend reinvestment and stock purchase plan (DRP) Transfer agent and registrar
A convenient method for eligible shareholders to reinvest their dividends and For information on shareholder services or any
make optional cash contributions to purchase additional common shares without other inquiries regarding your account (including
brokerage costs. stock transfer, address change, lost certiﬁcates
and tax forms), contact:
Dividend direct deposit service
TSX Trust Company
Avoid postal delays and trips to the bank by subscribing to the dividend direct 301 – 100 Adelaide St. West
deposit service. Toronto, Ontario M5H 4H1
Direct registration (DRS) e-mail [email protected]
Holding your shares electronically in lieu of share certificates tel 416 682-3861 or 1 800 561-0934
Holdings are represented by a statement issued when establishing or subsequently (toll free in Canada and the U.S.)
modifying your DRS balance. This option removes the risks of holding share fax 514 985-8843 or 1 888 249-6189
certificates, including their safekeeping, and most importantly, eases the replacement (toll free in Canada and the U.S.)
process. Note that there is a cost to replace lost or stolen certificates as well as
website tsxtrust.com
certificates mailed and never received by the shareholder (if claimed later than
one year after mailing). Generally, this cost is a percentage of the value of the Investor relations
shares represented.
For financial inquiries:
E-delivery service 1 Carrefour Alexander-Graham-Bell
Enrol in the e-delivery service to receive the proxy material, the annual financial report Building A, 8th Floor
and/or quarterly reports by e-mail. By doing so, you will receive your documents Verdun, Québec H3E 3B3
faster and in an environmentally friendly manner while helping your company e-mail [email protected]
reduce its costs.
tel 1 800 339-6353
Duplicate mailings fax 514 786-3970
Eliminate duplicate mailings by consolidating your accounts. or visit the Investors section
of our website at BCE.ca
Manage your shareholder account
Enrol in Investor Central at tsxtrust.com/issuer-investor-login and benefit from
a wide variety of self-service tools to help track and manage your shares.
For further details on any of these services, registered shareholders (shares are
registered under your name) must contact the transfer agent. Non-registered
shareholders must contact their brokers.
Trademarks in this integrated annual report which are owned or used under licence by BCE Inc., Bell Canada or
their subsidiaries include, without limitation, BCE, BELL Design, BELL MOBILITY and BELL MEDIA. This integrated
annual report also includes trademarks of other parties. The trademarks referred to in this integrated annual
report may be listed without the ® and ™ symbols.
© BCE Inc., 2024. All rights reserved.
BCE.CA

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2023 INTEGRATED ANNUAL REPORT

GRI 2-1, 2-2

Our approach to integrated reporting GRI 2-3

Reporting structure and reporting period GRI 2-3

2 BCE Inc. 2023 Integrated annual report

ABOUT THIS REPORT ﻿

The content of the Strategic overview portion of our Integrated

The calculation method of the carbon abatement ratio is based

GHG emissions (business as

4 BCE Inc. 2023 Integrated annual report

ABOUT THIS REPORT ﻿

Caution regarding forward-looking statements

6 BCE Inc. 2023 Integrated annual report

STRATEGIC OVERVIEW Caution regarding forward-looking statements

Purpose and strategic imperatives

Build the Drive growth with

Deliver the Champion

Operate with agility Engage and invest in our people

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

8 BCE Inc. 2023 Integrated annual report

STRATEGIC OVERVIEW Who we are

Better Better Better

GRI 2-1, 2-6

Bell Bell Ethical values supporting a healthy

10 BCE Inc. 2023 Integrated annual report

STRATEGIC OVERVIEW Who we are

99.9952% MyBell $684M Science‑

86% −6% 5.2×

633,000 $155M 38,400+ 2,953,523 66% 3.1%

142% $70M 45% ISO 14001

United Nations Global Compact (UNGC)

Global Reporting Initiative (GRI)

Sustainability Accounting Standards Board (SASB)

United Nations Sustainable Development Goals (UNSDG)

International Sustainability Standards Board (ISSB)

Integrated Reporting Framework (<IR>)

Certified ISO 14001 for our Environmental Management System

Certified ISO 50001 for our Energy Management System

Certified ISO 9001 for our Project Management

12 BCE Inc. 2023 Integrated annual report

Certified ISO and International Electrotechnical Commission (IEC) 27001

Certified ISO and International Electrotechnical Commission (IEC) 27001

FTSE4Good Index Series

Institutional Shareholder Services (ISS) ESG Prime

Jantzi Social Index (JSI)

Euronext Vigeo World 120 index

We were recognized by a variety of organizations for our initiatives in 2023:

Ookla Speedtest Awards: Canada’s fastest Internet and Wi-Fi

BrandSpark: Canada’s Most Trusted High Speed Internet Service Provider

Global Wireless Solutions (GWS): Canada’s best and fastest 5G network

Webby People’s Voice Award – MyBell App

Canada’s Top 100 Corporate R&D Spenders

Corporate Knights: Canada’s Best 50 corporate citizens of 2023 – Rank 20

Corporate Knights: Global 100 2024 – Rank 51

Corporate Knights: Clean200 – Rank 65

Clean50: Top Projects 2024

14 BCE Inc. 2023 Integrated annual report

Canada’s Top 100 Employers for 9th year in a row

Canada’s Top Family-Friendly Employers for 5th year in a row

ABOUT THIS REPORT

ABOUT THIS REPORT