Q3 2011 Results Conference Call November 3, 2011 Safe harbour notice Certain statements made in the attached presentation, including, but not limited to, statements relating to our 2011 financial guidance (including revenues, EBITDA, capital intensity, Adjusted EPS and free cash flow), annualized cost savings expected to result from workforce reductions, capital spending allocations in the fourth quarter of 2011, our objectives, plans and strategic priorities and positions, and other statements that are not historical facts, are forward-looking. Forward-looking statements, by their very nature, are subject to inherent risks and uncertainties and are based on several assumptions which give rise to the possibility that actual results or events could differ materially from our expectations expressed in or implied by such forward- looking statements. As a result, we cannot guarantee that any forward-looking statement will materialize and you are cautioned not to place undue reliance on these forward-looking statements. For additional information on such assumptions and risks, please consult, in addition to page 20 of the attached presentation, BCE Inc.’s 2010 Annual MD&A dated March 10, 2011, as updated in BCE Inc.’s 2011 First Quarter MD&A dated May 11, 2011, in BCE Inc.’s Second Quarter MD&A dated August 3, 2011 and in BCE Inc.’s Third Quarter MD&A dated November 2, 2011, and BCE Inc.’s press release dated November 3, 2011 announcing its financial results for the third quarter of 2011, all filed with the Canadian securities regulatory authorities and with the SEC and which are also available on BCE Inc.’s website. The forward-looking statements contained in the attached presentation describe our expectations at November 3, 2011 and, accordingly, are subject to change after such date. Except as may be required by Canadian securities laws, we do not undertake any obligation to update or revise any forward-looking statements contained in the attached presentation, whether as a result of new information, future events or otherwise. 2 George Cope President & Chief Executive Officer Solid wireless operating metrics Metrics Q3’11 Y/Y • Postpaid gross adds up 1.1% y/y Postpaid gross additions 372k 1.1% – Matched pricing and offers where required to maintain postpaid market share Total gross additions 526k (2.1%) – Prepaid gross adds down 9.3% y/y Postpaid net additions 127k (20.5%) • Postpaid net adds reflect higher y/y business Total net additions 86k (37.8%) activations and better performance in the west Blended ARPU $55.01 2.7% – Churn rate higher y/y, but kept stable vs. Q2’11 Postpaid ARPU $64.98 (0.1%) • Accelerated smartphone penetration Data (% of ARPU) 29.1% 5.8 pts – 43% of total postpaid base, up from 26% in Q3’10 Postpaid churn rate 1.5% (0.1 pts) • Blended ARPU up 2.7% y/y to $55.01 Blended churn rate 2.0% (0.1 pts) – Smartphone mix drives data growth of 34% in Q3’11 – Maintaining postpaid ARPU stable COR (% of service revenue) 8.9% (0.4 pts) • Cost of retention (COR) up y/y, but disciplined COA $392 (10.4%) spending given new product launches Smartphone penetration • Higher COA consistent with increased % of EOP postpaid subscribers smartphone loadings and competitive pricing 42% +17 pts 43% 26% Q3'10 Q3'11 Healthy postpaid results despite intense competition 4 Launching portfolio of LTE handset devices HTC Raider 4G LTE LG Optimus LTE • Bell Mobility’s first LTE • Exclusive to Bell mobile device • First true HD superphone • Available starting Nov. 1st • Available in late November LTE/HSPA+ handsets instantly provide national coverage 5 Wireline voice erosion improves y/y NAS • Annualized NAS erosion rate lower y/y, even as residential line losses increased in Q3’11 Residential Business Total – Residential performance impacted by competitors’ Annualized 8.1% aggressive back-to-school offers and increasing erosion 7.7% 6.2% rate 5.1% wireless substitution 3.6% • Business NAS losses down 35% y/y in Q3’11 Q3 net 1.9% 111k losses 95k 92k – Improvement reflects fewer business line 68k disconnections, gain in wholesale customers 24k 15k • Voice revenue decline improves y/y to 5.1% Q3'10 Q3'11 Q3'10 Q3'11 Q3'10 Q3'11 – LD revenue essentially flat y/y, driven by higher global LD minutes and price increases – Home phone ARPU kept stable despite competitive price pressures Voice revenue(1) y/y decline 5.8% 5.1% Q3'10 Q3'11 (1) Voice revenue is comprised of local and access and long distance revenues Improved business NAS performance moderated by tougher competitive environment in residential 6 TV subscriber acquisitions driven by Fibe TV TV net additions Retail TV ARPU Bell TV revenues $M +40.5% 26k +1.5% $74.45 +3.9% $454 $437 $73.34 19k Q3'10 Q3'11 Q3'10 Q3'11 Q3'10 Q3'11 • Net adds of 26k, up 41% y/y on strong • Solid financial performance in Q3’11 gross activations – TV revenue growth of 3.9% – 25k in Ontario/Quebec footprint – ARPU up 1.5% y/y to $74.45 – Increasing traction of Fibe TV – Wholesale net adds relatively stable y/y • TV revenues now equal to total residential voice revenues • Fibe TV ramping up as coverage footprint expands • Absorbing IPTV start-up costs as TV – ~1.5M IPTV-enabled households in Toronto margins increase y/y and Montreal at end of Q3’11 – Marketing activities beginning to accelerate Increasing Fibe TV traction 7 Wireline data Total data revenue Data service revenue • Data service revenue essentially flat y/y – Up ~1% y/y when normalized for portal revenue $M $M reclassification to Bell Media (4.3%) $808 (0.5%) $972 – Total data revenue down 4.3% in Q3’11 on lower $930 $804 y/y business data product sales $797 • Strong residential data growth of 8% y/y – Internet ARPU up 5.5% y/y – Internet net adds impacted by competitors’ Q3'10 Q3'11 Q3'10 Q3'11 aggressive offers Portal revenues • Economy impacting overall business results – Data product revenues down y/y, reflecting reduced Internet ARPU FTTN subscribers government and high-tech spending Residential – Offset by higher IP connectivity and ICT growth y/y +5.5% +20% Q3'10 Q3'11 Q3'10 Q3'11 Strong residential financial performance moderated by weak business data product revenue 8 Executing on cost reduction imperative Wireline cost reductions(1) in Q3 Workforce reduction • Total savings of ~$80M • ~1,200 management positions • Lower labour and support group costs, and • Departures completed by end of October reduced marketing/sales expenses • Reductions achieved through vacancies, • Residential call centre calls down 4% y/y attrition and operational efficiencies • Capital tax savings and settlement of • Consistent with service improvement commodity tax matters imperative, front-line functions unaffected • Lower y/y U.S. dollar hedge rates • Severance charge of ~$94M taken in P&L in Q3’11 – Cash payments reflected in Q4’11 and Q1’12 ~$240M YTD ~$100M in annualized cost savings (1) Wireline labour, G&A and marketing and sales costs Cost reductions help drive 1.9 point y/y improvement in wireline EBITDA margin to 40% in Q3’11 9 Bell Media performing well Subscriber revenues Advertising revenues • Strong TV ratings maintained across all conventional and specialty channels y/y growth y/y growth ~4% ~1% • Mobile TV content expanded with live access to CTV and CTV Two • Launched TSN Radio in Montreal and Winnipeg markets Q3'10 Q3'11 Q3'10 Q3'11 • Olympics broadcast partnership with CBC for 2014 and 2016 games • Secured rights to FIFA World Cup Soccer from 2015 through to 2022 • TSN/RDS rate re-negotiations progressing well Meaningful contribution to EBITDA and cash flow from Bell Media in Q3 10 Q3 summary • Executing on 5 Strategic Imperatives • Solid wireless operating metrics – Healthy postpaid subscriber growth with accelerating smartphone mix – Blended ARPU up 2.7% y/y – Step-up in wireless EBITDA trajectory • LTE wireless network launched on Sept.14th • Wireline continue to perform well – Good residential operating results in a tough competitive environment – Fibe TV gaining traction – Economy impacting overall business results – Cost reductions driving wireline margin expansion • Bell Media driving significant EBITDA and cash flow growth • Broadband investments positioning us well for future growth – Capital spending in Q4 focused on IPTV, continued fibre rollout and LTE expansion Strategically well positioned in all segments going into 2012 11 Siim Vanaselja Chief Financial Officer Q3 financial review Bell Q3’11 Y/Y • Revenue growth of 10.1% includes Bell Media Revenue $4,313M 10.1% • Excluding Bell Media, service revenue up 1.2% y/y Service $3,936M 12.7% – Reflects ~$11M of portal revenues moved to Bell Media Product $377M (11.0%) • Total product revenues down 11% y/y on weak EBITDA $1,605M 7.5% data equipment and hardware sales Margin 37.2% (0.9 pts) Capital expenditures $652M (1.2%) • EBITDA growth of 7.5% reflects CTV acquisition – Excluding Bell Media, EBITDA grew 2.1%, due to significant wireline cost reductions and better wireless Capital Intensity 15.1% 1.3 pts financial performance EBITDA-Capex $953M 12.2% • Higher capex reflects ongoing fibre build, IPTV readiness and LTE wireless network deployment BCE Q3’11 Y/Y • Adjusted EPS of $0.93 per share, up 14.8% y/y – Favourable resolution of tax matters contributed y/y Statutory EPS $0.83 38.3% growth of $0.05 per share Adjusted EPS(1) $0.93 14.8% • Strong free cash flow of $1,005M, up $199M y/y (2) Free Cash Flow $1,005M $199M – Reflects expected increase in cash collections following (1) Before severance, acquisition and other costs and net gains on investments end of postal strike and