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 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 / 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 margins increase y/y and 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 (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 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 Capital Intensity 15.1% 1.3 pts significant wireline cost reductions and better wireless 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 Statutory EPS $0.83 38.3% – Favourable resolution of tax matters contributed y/y 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 higher EBITDA (2) Before common share dividends and including Bell Aliant’s dividends

Adjusted EPS ahead of plan on higher y/y tax adjustments

13 Wireless financials

• Service revenue growth of 6.1% in Q3’11 – Wireless data revenue up 34% y/y driven by accelerating smartphone adoption and increased usage – Blended ARPU up 2.7%, reflecting an increased mix of higher-value postpaid customers

• Product revenues down 1.0%, despite higher y/y smartphone sales – Lower average handset pricing in response to aggressive acquisition and upgrade offers

• EBITDA growth of 3.0% reflects improved performance over Q2’11 – Incremental y/y subscriber acquisition costs of $15M – Incremental y/y retention spending of $10M

($M) Q3’11 Y/Y YTD’11 Y/Y

Revenue 1,339 5.6% 3,866 6.9% Service 1,228 6.1% 3,547 6.8% Product 102 (1.0%) 293 7.3%

Operating costs 858 (7.1%) 2,464 (7.9%)

EBITDA 481 3.0% 1,402 5.1% Margin (service revenue) 39.2% (1.2 pts) 39.5% (0.7 pts)

Capex 150 (22.0%) 431 (65.8%)

Improved wireless EBITDA trajectory, while maintaining our competitive market position

14 Wireline financials

($M) Q3’11 Y/Y • Solid residential performance – Internet and TV revenues up 8% and 3.9%, respectively Revenues 2,610 (3.1%) Voice 933 (5.1%) • Business Markets results mixed Data -- service 804 (0.5%) – Lower data product sales y/y, due to reduced spending Data -- product 126 (22.8%) in government and high-tech sectors TV 454 3.9% – Offset partly by fewer business NAS losses y/y and Equipment & other 212 (4.9%) better growth in IP broadband connectivity and ICT

Operating costs 1,567 6.1% • LD driving y/y improvement in voice revenue EBITDA 1,043 1.7% decline

EBITDA margin 40.0% 1.9 pts • Adjusting for reclass of portal revenues to Bell Media, data service revenue growth was ~1% Capex 474 9.0% • EBITDA up 1.7% y/y on 6.1% reduction in opex Capital Intensity 18.2% 1.1 pts – ~$80M decrease in wireline operating costs(1) in Q3’11 EBITDA-Capex 569 12.7% – Margin expands 1.9 points to 40%

(1) Labour, G&A and marketing and sales costs

Cost reductions driving Wireline EBITDA growth

15 Media results on track with expectations

Bell Media Q2’11 Q3’11 • Healthy subscriber revenue growth of ~4% y/y – Reflects partial impact of TSN rate increase ($M) – Digital growth driven by Mobile TV and online video Revenues 529 435 • Advertising revenues up ~1% y/y EBITDA (reported) 123 81 – Supported by continued strong TV ratings Purchase Price Allocation (PPA) (21) (9) – Launch of TSN Radio and FLOW radio stations • Strong EBITDA growth of ~27% y/y in low EBITDA (excl. PPA) 144 90 season quarter for media – Includes $9M non-cash charge to reflect amortization Capex 27 28 of fair value of programming rights acquired – Excluding PPA, EBITDA was up ~40% y/y EBITDA-Capex (excl. PPA) 117 62 • Media contributing meaningfully to FCF – EBITDA-Capex (excl. PPA) up 68% y/y

Robust EBITDA and cash flow growth

16 Strong Adjusted EPS

(1) Adjusted EPS • Adjusted EPS up 14.8% y/y, or $0.12 per share – Excluding tax adjustments, Adjusted EPS grew 10.8% y/y +14.8% $0.93 $0.81 $0.21 +10.8% • Higher y/y EBITDA drives $0.09 of EPS growth $0.16 $0.72 $0.65 • Increased depreciation and net interest expense due to CTV acquisition

Q3'10 Q3'11 • Lower net pension finance costs reflects higher Tax adjustments asset base y/y and impact of lower discount rate (1) Before severance, acquisition and other costs and net gains on investments • Higher y/y tax adjustments Earnings walkdown (per share) – Earlier-than-expected resolution of various tax matters Q3’11 Q3’10 – $0.21 per share in Q3’11 vs. $0.16 in Q3’10 EBITDA 1.60 1.51 • Effective tax rate of 9.8% for Q3’11 Depreciation & amortization (0.67) (0.65) – FY2011 effective tax rate now expected to be ~21%, Net interest expense (0.17) (0.13) reflecting tax adjustments of $0.28 per share Net pension finance costs 0.01 (0.02) Tax adjustments 0.21 0.16 Change in tax rate 0.03 - Preferred share & NCI dividends (0.05) (0.03) Other (0.03) (0.03) Adjusted EPS 0.93 0.81

Cost savings and Bell Media deliver significant EPS accretion

17 Free cash flow

Free cash flow • FCF of $1,005M in Q3’11, up 25% y/y on higher EBITDA and improved working capital +$199M • Investing in broadband platforms, while $1,005M maintaining capex spending flat y/y $806M – Wireless CI of 11.2%; Wireline CI of 18.2% in Q3’11 – On track to achieve CI of ~16% for FY2011

Q3'10 Q3'11 • Preferred share & NCI dividends reflects participation by CTV minority interests

Free cash flow walkdown ($M) • Net interest paid up y/y due to higher average Q3’11 Q3‘10 long-term debt as a result of CTV acquisition EBITDA(1) 1,652 1,529 • Capex (652) (644) Working capital improvement – Reflects ~$200M net improvement on working capital Preferred share & NCI dividends (42) (25) from catch-up in cash collections following postal strike Net interest (99) (78) Cash pension (93) (96) • YTD FCF of $1,697M Cash taxes (net of ITCs) (34) (40) Severance and other (45) (27) Working capital & other 270 114 Bell Aliant dividend 48 73 Free cash flow(2) 1,005 806

(1) EBITDA before pension current service cost (2) Available to common shareholders

Free cash flow on track with FY2011 guidance

18 Updated 2011 financial guidance(1)

May 12 November 3 • On track to achieve revenue and Guidance Guidance EBITDA targets Revenue growth 9% to 11% No change – Solid competitive position across all product lines and in all markets

EBITDA growth 8% to 10% No change • Adjusted EPS guidance increased – Lower effective tax rate due to higher-than- Capital intensity ~16% No change expected favourable tax adjustments

Adjusted EPS(2) $2.95 to $3.05 $3.10 to $3.15 • No change to free cash flow guidance 6% to 9% 11% to 13% – Lower cash taxes offset by higher capex spending in Q4, but still within CI of ~16% (3) ~$2.2B to $2.3B No change Free cash flow for FY2011 – Projected YE2011 cash balance of ~$800M Dividend per share $2.07 No change – Decision on use of excess cash at year-end 13.1%

(1) Revenue, EBITDA & capital intensity guidance for Bell excluding Bell Aliant. Reflects Bell Media expected results for Q2’11 to Q4’11 (2) EPS before severance, acquisition and other costs and net gains (losses) on investments (3) Free cash flow before common share dividends and including Bell Aliant's dividends

19 Appendix Revised key financial assumptions for 2011

Bell May 12 November 3

Current service pension cost (above EBITDA) ~$190M No change

Pension finance costs (below EBITDA) ~($60M) No change

Cash pension funding ~$425M No change

Cash taxes ~$225M ~$175M

Net interest paid ~$650M No change

Y/E cash balance ~$700M - $800M ~$800M

BCE

Depreciation & amortization ~$100M higher y/y No change

Severance, acquisition costs and other $350M - $400M $400M - $450M

Tax adjustments (per share) ~$0.12 - $0.15 $0.28

Effective tax rate ~25% ~21%

20