Exhibit 99.2

BCE ⁽¹⁾
Consolidated Operational Data ⁽²⁾

($ millions of Canadian dollars, except share amounts) (unaudited)		Q1 2014			Q1 2013			$ change		% change
Operating revenues		5,099			4,919			180		3.7	%
Operating costs (A)		(3,003	)		(2,880	)		(123	)	(4.3	%)
Post-employment benefit plans service cost		(74	)		(77	)		3		3.9	%
EBITDA (3)		2,022			1,962			60		3.1	%
EBITDA margin (3)		39.7	%		39.9	%				(0.2	) pts
Severance, acquisition and other costs		(38	)		(33	)		(5	)	(15.2	%)
Depreciation		(699	)		(675	)		(24	)	(3.6	%)
Amortization		(167	)		(163	)		(4	)	(2.5	%)
Finance costs
Interest expense		(235	)		(221	)		(14	)	(6.3	%)
Interest on post-employment benefit obligations		(25	)		(37	)		12		32.4	%
Other income		87			80			7		8.8	%
Income taxes		(231	)		(241	)		10		4.1	%
Net earnings		714			672			42		6.3	%
Net earnings attributable to:
Common shareholders		615			566			49		8.7	%
Preferred shareholders		33			33			-		0.0	%
Non-controlling interest		66			73			(7	)	(9.6	%)
Net earnings		714			672			42		6.3	%
Net earnings per common share - basic	$	0.79		$	0.73		$	0.06		8.2	%
Net earnings per common share - diluted	$	0.79		$	0.73		$	0.06		8.2	%
Dividends per common share	$	0.6175		$	0.5825		$	0.035		6.0	%
Average number of common shares outstanding - basic (millions)		776.5			775.7
Average number of common shares outstanding - diluted (millions)		777.2			776.3
Number of common shares outstanding (millions)		777.3			775.9
Adjusted Net Earnings and EPS
Net earnings attributable to common shareholders		615			566			49		8.7	%
Severance, acquisition and other costs		23			23			-		0.0	%
Net gains on investments		(12	)		(2	)		(10	)	n.m.
Premiums on early redemption of debt		-			12			(12	)	(100.0	%)
Adjusted net earnings (3)		626			599			27		4.5	%
Impact on net earnings per share	$	0.02		$	0.04		$	(0.02	)	(50.0	%)
Adjusted EPS (3)	$	0.81		$	0.77		$	0.04		5.2	%

(A) Excludes post-employment benefit plans service cost

n.m. : not meaningful

BCE Supplementary Financial Information – First Quarter 2014   Page 2

BCE
Consolidated Operational Data - Historical Trend

($ millions of Canadian dollars, except share amounts) (unaudited)		Q1 14			Total 2013			Q4 13			Q3 13			Q2 13			Q1 13
Operating revenues		5,099			20,400			5,382			5,099			5,000			4,919
Operating costs (A)		(3,003	)		(12,019	)		(3,312	)		(2,962	)		(2,865	)		(2,880	)
Post-employment benefit plans service cost		(74	)		(292	)		(72	)		(74	)		(69	)		(77	)
EBITDA		2,022			8,089			1,998			2,063			2,066			1,962
EBITDA margin		39.7	%		39.7	%		37.1	%		40.5	%		41.3	%		39.9	%
Severance, acquisition and other costs		(38	)		(406	)		(48	)		(297	)		(28	)		(33	)
Depreciation		(699	)		(2,734	)		(695	)		(683	)		(681	)		(675	)
Amortization		(167	)		(646	)		(160	)		(162	)		(161	)		(163	)
Finance costs
Interest expense		(235	)		(931	)		(240	)		(242	)		(228	)		(221	)
Interest on post-employment benefit obligations		(25	)		(150	)		(37	)		(38	)		(38	)		(37	)
Other income (expense)		87			(6	)		1			(24	)		(63	)		80
Income taxes		(231	)		(828	)		(226	)		(165	)		(196	)		(241	)
Net earnings		714			2,388			593			452			671			672
Net earnings attributable to:
Common shareholders		615			1,975			495			343			571			566
Preferred shareholders		33			131			33			32			33			33
Non-controlling interest		66			282			65			77			67			73
Net earnings		714			2,388			593			452			671			672
Net earnings per common share - basic	$	0.79		$	2.55		$	0.64		$	0.44		$	0.74		$	0.73
Net earnings per common share - diluted	$	0.79		$	2.54		$	0.63		$	0.44		$	0.74		$	0.73
Dividends per common share	$	0.6175		$	2.3300		$	0.5825		$	0.5825		$	0.5825		$	0.5825
Average number of common shares outstanding - basic (millions)		776.5			775.8			775.9			775.9			775.9			775.7
Average number of common shares outstanding - diluted (millions)		777.2			776.4			776.6			776.3			776.6			776.3
Number of common shares outstanding (millions)		777.3			775.9			775.9			775.9			775.9			775.9
Adjusted Net Earnings and EPS
Net earnings attributable to common shareholders		615			1,975			495			343			571			566
Severance, acquisition and other costs		23			299			33			222			21			23
Net (gains) losses on investments		(12	)		7			12			(2	)		(1	)		(2	)
Premiums on early redemption of debt		-			36			-			21			3			12
Adjusted net earnings		626			2,317			540			584			594			599
Impact on net earnings per share	$	0.02		$	0.44		$	0.06		$	0.31		$	0.03		$	0.04
Adjusted EPS	$	0.81		$	2.99		$	0.70		$	0.75		$	0.77		$	0.77

(A) Excludes post-employment benefit plans service cost

BCE Supplementary Financial Information – First Quarter 2014   Page 3

BCE ⁽¹⁾
Segmented Data ⁽²⁾

($ millions of Canadian dollars, except where otherwise indicated) (unaudited)	Q1 2014		Q1 2013		$ change		% change
Revenues
Bell Wireless	1,472		1,409		63		4.5	%
Bell Wireline	2,462		2,508		(46	)	(1.8	%)
Bell Media	722		513		209		40.7	%
Inter-segment eliminations	(118	)	(82	)	(36	)	(43.9	%)
Total Bell	4,538		4,348		190		4.4	%
Bell Aliant	676		684		(8	)	(1.2	%)
Inter-segment eliminations	(115	)	(113	)	(2	)	(1.8	%)
Total BCE	5,099		4,919		180		3.7	%
Operating costs
Bell Wireless	(844	)	(824	)	(20	)	(2.4	%)
Bell Wireline	(1,532	)	(1,550	)	18		1.2	%
Bell Media	(572	)	(415	)	(157	)	(37.8	%)
Inter-segment eliminations	118		82		36		43.9	%
Total Bell	(2,830	)	(2,707	)	(123	)	(4.5	%)
Bell Aliant	(362	)	(363	)	1		0.3	%
Inter-segment eliminations	115		113		2		1.8	%
Total BCE	(3,077	)	(2,957	)	(120	)	(4.1	%)
EBITDA
Bell Wireless	628		585		43		7.4	%
Margin	42.7	%	41.5	%			1.2	pts
Bell Wireline	930		958		(28	)	(2.9	%)
Margin	37.8	%	38.2	%			(0.4	) pts
Bell Media	150		98		52		53.1	%
Margin	20.8	%	19.1	%			1.7	pts
Total Bell	1,708		1,641		67		4.1	%
Margin	37.6	%	37.7	%			(0.1	) pts
Bell Aliant	314		321		(7	)	(2.2	%)
Margin	46.4	%	46.9	%			(0.5	) pts
Total BCE	2,022		1,962		60		3.1	%
Margin	39.7	%	39.9	%			(0.2	) pts
Capital expenditures
Bell Wireless	117		122		5		4.1	%
Capital Intensity (4)	7.9	%	8.7	%			0.8	pts
Bell Wireline	463		460		(3	)	(0.7	%)
Capital Intensity	18.8	%	18.3	%			(0.5	) pts
Bell Media	14		12		(2	)	(16.7	%)
Capital Intensity	1.9	%	2.3	%			0.4	pts
Total Bell	594		594		-		0.0	%
Capital Intensity	13.1	%	13.7	%			0.6	pts
Bell Aliant	135		128		(7	)	(5.5	%)
Capital Intensity	20.0	%	18.7	%			(1.3	) pts
Total BCE	729		722		(7	)	(1.0	%)
Capital Intensity	14.3	%	14.7	%			0.4	pts

BCE Supplementary Financial Information – First Quarter 2014   Page 4

BCE
Segmented Data - Historical Trend

($ millions of Canadian dollars, except where otherwise indicated) (unaudited)	Q1 14		Total 2013		Q4 13		Q3 13		Q2 13		Q1 13
Revenues
Bell Wireless	1,472		5,849		1,505		1,493		1,442		1,409
Bell Wireline	2,462		10,097		2,601		2,482		2,506		2,508
Bell Media	722		2,557		821		664		559		513
Inter-segment eliminations	(118	)	(394	)	(114	)	(115	)	(83	)	(82	)
Total Bell	4,538		18,109		4,813		4,524		4,424		4,348
Bell Aliant	676		2,759		688		696		691		684
Inter-segment eliminations	(115	)	(468	)	(119	)	(121	)	(115	)	(113	)
Total BCE	5,099		20,400		5,382		5,099		5,000		4,919
Operating costs
Bell Wireless	(844	)	(3,509	)	(976	)	(876	)	(833	)	(824	)
Bell Wireline	(1,532	)	(6,303	)	(1,667	)	(1,559	)	(1,527	)	(1,550	)
Bell Media	(572	)	(1,874	)	(591	)	(465	)	(403	)	(415	)
Inter-segment eliminations	118		394		114		115		83		82
Total Bell	(2,830	)	(11,292	)	(3,120	)	(2,785	)	(2,680	)	(2,707	)
Bell Aliant	(362	)	(1,487	)	(383	)	(372	)	(369	)	(363	)
Inter-segment eliminations	115		468		119		121		115		113
Total BCE	(3,077	)	(12,311	)	(3,384	)	(3,036	)	(2,934	)	(2,957	)
EBITDA
Bell Wireless	628		2,340		529		617		609		585
Margin	42.7	%	40.0	%	35.1	%	41.3	%	42.2	%	41.5	%
Bell Wireline	930		3,794		934		923		979		958
Margin	37.8	%	37.6	%	35.9	%	37.2	%	39.1	%	38.2	%
Bell Media	150		683		230		199		156		98
Margin	20.8	%	26.7	%	28.0	%	30.0	%	27.9	%	19.1	%
Total Bell	1,708		6,817		1,693		1,739		1,744		1,641
Margin	37.6	%	37.6	%	35.2	%	38.4	%	39.4	%	37.7	%
Bell Aliant	314		1,272		305		324		322		321
Margin	46.4	%	46.1	%	44.3	%	46.6	%	46.6	%	46.9	%
Total BCE	2,022		8,089		1,998		2,063		2,066		1,962
Margin	39.7	%	39.7	%	37.1	%	40.5	%	41.3	%	39.9	%
Capital expenditures
Bell Wireless	117		639		226		157		134		122
Capital Intensity	7.9	%	10.9	%	15.0	%	10.5	%	9.3	%	8.7	%
Bell Wireline	463		2,247		702		562		523		460
Capital Intensity	18.8	%	22.3	%	27.0	%	22.6	%	20.9	%	18.3	%
Bell Media	14		115		64		23		16		12
Capital Intensity	1.9	%	4.5	%	7.8	%	3.5	%	2.9	%	2.3	%
Total Bell	594		3,001		992		742		673		594
Capital Intensity	13.1	%	16.6	%	20.6	%	16.4	%	15.2	%	13.7	%
Bell Aliant	135		570		147		138		157		128
Capital Intensity	20.0	%	20.7	%	21.4	%	19.8	%	22.7	%	18.7	%
Total BCE	729		3,571		1,139		880		830		722
Capital Intensity	14.3	%	17.5	%	21.2	%	17.3	%	16.6	%	14.7	%

BCE Supplementary Financial Information – First Quarter 2014   Page 5

Bell Wireless ⁽¹⁾

($ millions of Canadian dollars, except where otherwise indicated) (unaudited)	Q1 2014		Q1 2013		% change
Bell Wireless
Revenue
Service	1,364		1,303		4.7	%
Product	94		93		1.1	%
Total external Bell Wireless revenues	1,458		1,396		4.4	%
Inter-segment	14		13		7.7	%
Total Bell Wireless operating revenues	1,472		1,409		4.5	%
Operating costs	(844	)	(824	)	(2.4	%)
EBITDA	628		585		7.4	%
EBITDA margin (Total revenues)	42.7	%	41.5	%	1.2	pts
EBITDA margin (Service revenues)	46.0	%	44.9	%	1.1	pts
Capital expenditures	117		122		4.1	%
Capital intensity	7.9	%	8.7	%	0.8	pts
Wireless gross activations	351,729		371,217		(5.2	%)
Postpaid	275,163		295,136		(6.8	%)
Wireless net activations	(15,678	)	(8,957	)	(75.0	%)
Postpaid	33,964		59,497		(42.9	%)
Wireless subscribers end of period (EOP)	7,762,656		7,672,075		1.2	%
Postpaid	6,711,656		6,484,542		3.5	%
Average revenue per unit (ARPU)($/month) (4)	57.90		55.92		3.5	%
Churn (%) (average per month) (4)	1.58	%	1.65	%	0.07	pts
Prepaid	3.67	%	3.79	%	0.12	pts
Postpaid	1.24	%	1.25	%	0.01	pts
Cost of acquisition (COA) (4) ($/sub)	442		404		(9.4	%)

BCE Supplementary Financial Information – First Quarter 2014   Page 6

Bell Wireless - Historical Trend

($ millions of Canadian dollars, except where otherwise indicated) (unaudited)	Q1 14		Total 2013		Q4 13		Q3 13		Q2 13		Q1 13
Bell Wireless
Revenue
Service	1,364		5,362		1,359		1,372		1,328		1,303
Product	94		432		134		106		99		93
Total external Bell Wireless revenues	1,458		5,794		1,493		1,478		1,427		1,396
Inter-segment	14		55		12		15		15		13
Total Bell Wireless operating revenues	1,472		5,849		1,505		1,493		1,442		1,409
Operating costs	(844	)	(3,509	)	(976	)	(876	)	(833	)	(824	)
EBITDA	628		2,340		529		617		609		585
EBITDA margin (Total revenues)	42.7	%	40.0	%	35.1	%	41.3	%	42.2	%	41.5	%
EBITDA margin (Service revenues)	46.0	%	43.6	%	38.9	%	45.0	%	45.9	%	44.9	%
Capital expenditures	117		639		226		157		134		122
Capital intensity	7.9	%	10.9	%	15.0	%	10.5	%	9.3	%	8.7	%
Wireless gross activations	351,729		1,694,055		462,469		438,722		421,647		371,217
Postpaid	275,163		1,332,423		368,154		333,081		336,052		295,136
Wireless net activations	(15,678	)	217,768		93,700		89,459		43,566		(8,957	)
Postpaid	33,964		378,121		119,520		102,714		96,390		59,497
Wireless subscribers EOP (A)	7,762,656		7,778,334		7,778,334		7,805,100		7,715,641		7,672,075
Postpaid (A)	6,711,656		6,677,692		6,677,692		6,683,646		6,580,932		6,484,542
Average revenue per unit (ARPU)($/month)	57.90		57.25		57.92		58.30		56.85		55.92
Churn (%)(average per month)	1.58	%	1.60	%	1.59	%	1.50	%	1.64	%	1.65	%
Prepaid	3.67	%	3.55	%	3.41	%	3.27	%	3.71	%	3.79	%
Postpaid	1.24	%	1.25	%	1.29	%	1.20	%	1.27	%	1.25	%
Cost of acquisition (COA)($/sub)	442		421		468		403		402		404

(A) In Q4 2013, following a review of our wireless subscriber metrics, our 2013 postpaid subscriber base was reduced by 99,098 customers to exclude all machine-to-machine subscribers. Additionally, our postpaid subscriber base was reduced by 18,354 subscribers to adjust for customer deactivations and by 8,022 subscribers subsequent to a review of customer accounts. Our prepaid subscriber base was increased by 5,008 customers subsequent to a review of subscriber metrics.

BCE Supplementary Financial Information – First Quarter 2014   Page 7

Bell Wireline ⁽¹⁾

($ millions of Canadian dollars, except where otherwise indicated) (unaudited)	Q1 2014		Q1 2013		% change
Bell Wireline
Data	1,463		1,433		2.1	%
Local & access	603		646		(6.7	%)
Long distance	162		184		(12.0	%)
Equipment & other	149		164		(9.1	%)
Total external revenues	2,377		2,427		(2.1	%)
Inter-segment revenues	85		81		4.9	%
Total Bell Wireline operating revenues	2,462		2,508		(1.8	%)
Operating costs	(1,532	)	(1,550	)	1.2	%
EBITDA	930		958		(2.9	%)
EBITDA Margin	37.8	%	38.2	%	(0.4	) pts
Capital expenditures	463		460		(0.7	%)
Capital intensity	18.8	%	18.3	%	(0.5	) pts
Local
Network access services (NAS)
Residential	2,586,791		2,856,757		(9.5	%)
Business	2,554,225		2,679,736		(4.7	%)
Total	5,141,016		5,536,493		(7.1	%)
Network access service net (losses)/activations
Residential	(65,638	)	(83,557	)	21.4	%
Business	(35,595	)	(24,889	)	(43.0	%)
Total	(101,233	)	(108,446	)	6.7	%
High-speed Internet
High-speed internet net activations	15,627		3,952		n.m.
High-speed internet subscribers EOP	2,200,170		2,130,773		3.3	%
TV
Net subscriber activations	28,561		13,971		n.m.
Fibe TV	54,680		47,463		15.2	%
Total subscribers EOP	2,306,994		2,169,954		6.3	%
Fibe TV	534,110		295,761		80.6	%

n.m. : not meaningful

BCE Supplementary Financial Information – First Quarter 2014   Page 8

Bell Wireline - Historical Trend

($ millions of Canadian dollars, except where otherwise indicated) (unaudited)	Q1 14		Total 2013		Q4 13		Q3 13		Q2 13		Q1 13
Bell Wireline
Data	1,463		5,828		1,513		1,426		1,456		1,433
Local & access	603		2,497		606		613		632		646
Long distance	162		722		171		184		183		184
Equipment & other	149		707		222		168		153		164
Total external revenues	2,377		9,754		2,512		2,391		2,424		2,427
Inter-segment revenues	85		343		89		91		82		81
Total Bell Wireline operating revenues	2,462		10,097		2,601		2,482		2,506		2,508
Operating costs	(1,532	)	(6,303	)	(1,667	)	(1,559	)	(1,527	)	(1,550	)
EBITDA	930		3,794		934		923		979		958
EBITDA Margin	37.8	%	37.6	%	35.9	%	37.2	%	39.1	%	38.2	%
Capital expenditures	463		2,247		702		562		523		460
Capital intensity	18.8	%	22.3	%	27.0	%	22.6	%	20.9	%	18.3	%
Local
Network access services (NAS)
Residential	2,586,791		2,652,429		2,652,429		2,715,710		2,774,667		2,856,757
Business	2,554,225		2,589,820		2,589,820		2,622,298		2,650,824		2,679,736
Total	5,141,016		5,242,249		5,242,249		5,338,008		5,425,491		5,536,493
Network access service net (losses)/activations
Residential	(65,638	)	(287,885	)	(63,281	)	(58,957	)	(82,090	)	(83,557	)
Business	(35,595	)	(114,805	)	(32,478	)	(28,526	)	(28,912	)	(24,889	)
Total	(101,233	)	(402,690	)	(95,759	)	(87,483	)	(111,002	)	(108,446	)
High-speed Internet
High-speed internet net activations	15,627		57,722		15,690		35,634		2,446		3,952
High-speed internet subscribers EOP	2,200,170		2,184,543		2,184,543		2,168,853		2,133,219		2,130,773
TV
Net subscriber activations	28,561		122,450		36,189		46,685		25,605		13,971
Fibe TV	54,680		231,132		60,301		72,813		50,555		47,463
Total subscribers EOP	2,306,994		2,278,433		2,278,433		2,242,244		2,195,559		2,169,954
Fibe TV	534,110		479,430		479,430		419,129		346,316		295,761

BCE Supplementary Financial Information – First Quarter 2014   Page 9

BCE ⁽¹⁾
Net debt and other information ⁽²⁾

BCE - Net debt and preferred shares
At March 31, 2014	BCE
($ millions of Canadian dollars, except where otherwise indicated) (unaudited)
			Bell
	Bell		Aliant		BCE
Debt due within one year	2,501		700		3,201
Long-term debt	13,784		2,226		16,010
Preferred shares - BCE (A)	1,698		-		1,698
Cash and cash equivalents	(682	)	(38	)	(720	)
Net debt (3)	17,301		2,888		20,189

Bell - Net debt and preferred shares
($ millions of Canadian dollars, except where otherwise indicated) (unaudited)
	March 31		Dec. 31
	2014		2013
Debt due within one year	2,501		2,286
Long-term debt	13,784		13,765
Preferred shares - BCE (A)	1,698		1,698
Cash and cash equivalents	(682	)	(319	)
Net Debt	17,301		17,430
Net Debt / Adjusted EBITDA (4)	2.46		2.49
Adjusted EBITDA /Net interest expense, excluding interest on post-employment benefit obligations and including 50% of preferred dividends (4)	8.27		8.40

Bell Media Inc. - Proportionate Information
($ millions of Canadian dollars, except where otherwise indicated) (unaudited)	Q1 2014	Total 2013	Q4 2013	Q3 2013	Q2 2013	Q1 2013
Proportionate Net Debt	30	103	103	143	202	206
Proportionate EBITDA	129	593	209	172	134	78

Cash Flow Information
($ millions of Canadian dollars, except where otherwise indicated) (unaudited)	Q1 2014		Q1 2013		$ change		% change
Free Cash Flow (FCF) (3)
Cash from operating activities, excluding acquisition costs paid	888		826		62		7.5	%
Capital expenditures	(594	)	(594	)	-		0.0	%
Dividends paid on preferred shares	(32	)	(26	)	(6	)	(23.1	%)
Dividends paid by subsidiaries to non-controlling interest	-		(7	)	7		100.0	%
Bell Aliant dividends to BCE	-		48		(48	)	(100.0	%)
FCF	262		247		15		6.1	%

Cash Flow Information - Historical Trend
($ millions of Canadian dollars, except where otherwise indicated) (unaudited)	Q1 2014		Total 2013		Q4 2013		Q3 2013		Q2 2013		Q1 2013
Free Cash Flow (FCF)
Cash from operating activities, excluding acquisition costs paid	888		5,521		1,649		1,479		1,567		826
Capital expenditures	(594	)	(3,001	)	(992	)	(742	)	(673	)	(594	)
Dividends paid on preferred shares	(32	)	(127	)	(31	)	(38	)	(32	)	(26	)
Dividends paid by subsidiaries to non-controlling interest	-		(13	)	-		-		(6	)	(7	)
Bell Aliant dividends to BCE	-		191		48		48		47		48
FCF	262		2,571		674		747		903		247

(A) Net debt includes 50% of preferred shares

BCE Supplementary Financial Information – First Quarter 2014 Page   10

BCE ⁽¹⁾
Consolidated Statements of Financial Position ⁽²⁾

	March 31		December 31
($ millions of Canadian dollars, except where otherwise indicated) (unaudited)	2014		2013
ASSETS
Current assets
Cash	99		220
Cash equivalents	621		115
Trade and other receivables	2,861		3,043
Inventory	380		383
Prepaid expenses	503		415
Assets held for sale	193		719
Other current assets	193		175
Total current assets	4,850		5,070
Non-current assets
Property, plant and equipment	20,671		20,743
Intangible assets	9,526		9,552
Deferred tax assets	199		165
Investments in associates and joint ventures	789		775
Other non-current assets	752		698
Goodwill	8,376		8,381
Total non-current assets	40,313		40,314
Total assets	45,163		45,384
LIABILITIES
Current liabilities
Trade payables and other liabilities	3,661		4,339
Interest payable	145		147
Dividends payable	555		466
Current tax liabilities	191		367
Debt due within one year	3,201		2,571
Total current liabilities	7,753		7,890
Non-current liabilities
Long-term debt	16,010		16,341
Deferred tax liabilities	1,217		1,318
Post-employment benefit obligation	2,744		2,127
Other non-current liabilities	1,458		1,458
Total non-current liabilities	21,429		21,244
Total liabilities	29,182		29,134
EQUITY
Equity attributable to BCE shareholders
Preferred shares	3,395		3,395
Common shares	13,688		13,629
Contributed surplus	2,605		2,615
Accumulated other comprehensive income	28		14
Deficit	(4,933	)	(4,642	)
Total Equity attributable to BCE shareholders	14,783		15,011
Non-controlling interest	1,198		1,239
Total equity	15,981		16,250
Total liabilities and equity	45,163		45,384
Number of common shares outstanding	777.3		775.9

BCE Supplementary Financial Information – First Quarter 2014   Page 11

BCE ⁽¹⁾
Consolidated Cash Flow Data ⁽²⁾

($ millions of Canadian dollars, except where otherwise indicated) (unaudited)		Q1 2014			Q1 2013			$ change
Net earnings		714			672			42
Adjustments to reconcile net earnings to cash flows from operating activities
Severance, acquisition and other costs		38			33			5
Depreciation and amortization		866			838			28
Post-employment benefit plans cost		99			114			(15	)
Net interest expense		234			220			14
Gains on investments		(12	)		(2	)		(10	)
Income taxes		231			241			(10	)
Contributions to post-employment benefit plans		(88	)		(98	)		10
Payments under other post-employment benefit plans		(18	)		(18	)		-
Severance and other costs paid		(68	)		(49	)		(19	)
Acquisition costs paid		(14	)		(10	)		(4	)
Interest paid		(229	)		(196	)		(33	)
Income taxes paid (net of refunds)		(361	)		(148	)		(213	)
Net change in operating assets and liabilities		(410	)		(557	)		147
Cash flows from operating activities		982			1,040			(58	)
Bell Aliant dividends paid to BCE		-			48			(48	)
Capital expenditures		(729	)		(722	)		(7	)
Cash dividends paid on preferred shares		(32	)		(26	)		(6	)
Cash dividends paid by subsidiaries to non-controlling interest		(7	)		(73	)		66
Acquisition costs paid		14			10			4
Bell Aliant Free Cash Flow		34			(30	)		64
Free Cash Flow (3)		262			247			15
Bell Aliant free cash flow, excluding dividends paid		(34	)		(18	)		(16	)
Business acquisitions		-			(5	)		5
Acquisition costs paid		(14	)		(10	)		(4	)
Business dispositions		538			-			538
Increase in investments		(6	)		-			(6	)
Decrease in investments		-			2			(2	)
Spectrum payment		(113	)		-			(113	)
Other investing activities		1			-			1
Increase in notes payable and bank advances		601			338			263
Reduction in securitized trade receivables		-			(14	)		14
Issue of long-term debt		33			1,007			(974	)
Repayment of long-term debt		(415	)		(289	)		(126	)
Premiums on early redemption of debt		-			(17	)		17
Cash dividends paid on common shares		(452	)		(440	)		(12	)
Issue of common shares		32			13			19
Issue of equity securities by subsidiaries to non-controlling interest		-			230			(230	)
Other financing activities		(48	)		(18	)		(30	)
		123			779			(656	)
Net increase in cash and cash equivalents		385			1,026			(641	)
Cash and cash equivalents at beginning of period		335			129			206
Cash and cash equivalents at end of period		720			1,155			(435	)
Other information
Free cash flow per share (3)	$	0.34		$	0.32		$	0.02
Annualized cash flow yield (5)		7.0	%		6.4	%		0.6	pts

BCE Supplementary Financial Information – First Quarter 2014   Page 12

BCE
Consolidated Cash Flow Data - Historical Trend

($ millions of Canadian dollars, except where otherwise indicated) (unaudited)		Q1 14			Total 2013			Q4 13			Q3 13			Q2 13			Q1 13
Net earnings		714			2,388			593			452			671			672
Adjustments to reconcile net earnings to cash flows from operating activities
Severance, acquisition and other costs		38			406			48			297			28			33
Depreciation and amortization		866			3,380			855			845			842			838
Post-employment benefit plans cost		99			442			109			112			107			114
Net interest expense		234			924			239			240			225			220
(Gains) losses on investments		(12	)		7			12			(2	)		(1	)		(2	)
Income taxes		231			828			226			165			196			241
Contributions to post-employment benefit plans		(88	)		(341	)		(83	)		(84	)		(76	)		(98	)
Payments under other post-employment benefit plans		(18	)		(73	)		(18	)		(19	)		(18	)		(18	)
Severance and other costs paid		(68	)		(203	)		(65	)		(44	)		(45	)		(49	)
Acquisition costs paid		(14	)		(80	)		(30	)		(32	)		(8	)		(10	)
Interest paid		(229	)		(879	)		(231	)		(246	)		(206	)		(196	)
Income taxes paid (net of refunds)		(361	)		(470	)		(232	)		(53	)		(37	)		(148	)
Net change in operating assets and liabilities		(410	)		147			415			99			190			(557	)
Cash flows from operating activities		982			6,476			1,838			1,730			1,868			1,040
Bell Aliant dividends paid to BCE		-			191			48			48			47			48
Capital expenditures		(729	)		(3,571	)		(1,139	)		(880	)		(830	)		(722	)
Cash dividends paid on preferred shares		(32	)		(127	)		(31	)		(38	)		(32	)		(26	)
Cash dividends paid by subsidiaries to non-controlling interest		(7	)		(283	)		(68	)		(68	)		(74	)		(73	)
Acquisition costs paid		14			80			30			32			8			10
Bell Aliant Free Cash Flow		34			(195	)		(4	)		(77	)		(84	)		(30	)
Free Cash Flow		262			2,571			674			747			903			247
Bell Aliant free cash flow, excluding dividends paid		(34	)		4			(44	)		29			37			(18	)
Business acquisitions		-			(2,850	)		(1	)		(2,844	)		-			(5	)
Acquisition costs paid		(14	)		(80	)		(30	)		(32	)		(8	)		(10	)
Business dispositions		538			1			-			-			1			-
Increase in investments		(6	)		(3	)		(1	)		(1	)		(1	)		-
Decrease in investments		-			10			5			-			3			2
Spectrum payment		(113	)		-			-			-			-			-
Other investing activities		1			12			-			(2	)		14			-
Increase (decrease) in notes payable and bank advances		601			272			(240	)		495			(321	)		338
Reduction in securitized trade receivables		-			(14	)		-			-			-			(14	)
Issue of long-term debt		33			4,438			15			2,008			1,408			1,007
Repayment of long-term debt		(415	)		(2,495	)		(178	)		(1,515	)		(513	)		(289	)
Premiums on early redemption of debt		-			(55	)		-			(28	)		(10	)		(17	)
Cash dividends paid on common shares		(452	)		(1,795	)		(452	)		(451	)		(452	)		(440	)
Issue of common shares		32			13			-			-			-			13
Issue of equity securities by subsidiaries to non-controlling interest		-			230			-			-			-			230
Other financing activities		(48	)		(53	)		(16	)		(11	)		(8	)		(18	)
		123			(2,365	)		(942	)		(2,352	)		150			779
Net increase (decrease) in cash and cash equivalents		385			206			(268	)		(1,605	)		1,053			1,026
Cash and cash equivalents at beginning of period		335			129			603			2,208			1,155			129
Cash and cash equivalents at end of period		720			335			335			603			2,208			1,155
Other information
Free cash flow per share	$	0.34		$	3.31		$	0.86		$	0.97		$	1.16		$	0.32
Annualized cash flow yield		7.0	%		7.2	%		7.2	%		7.3	%		7.3	%		6.4	%

BCE Supplementary Financial Information – First Quarter 2014   Page 13

Accompanying Notes

	We report our results of operations in four segments: Bell Wireless, Bell Wireline, Bell Media and Bell Aliant. Our reporting structure reflects how we manage our business and how we classify our operations for planning and measuring performance.
(1)	Throughout this report, BCE means, as the context may require, either BCE Inc. or, collectively, BCE Inc., its subsidiaries, joint arrangements and associates; Bell means our Bell Wireless, Bell Wireline and Bell Media segments on an aggregate basis; and Bell Aliant means Bell Aliant Inc. and its subsidiaries and associates.
(2)	On July 5, 2013, BCE acquired 100% of the issued and outstanding shares of Astral Media Inc. (Astral) . Astral is a media company that operates specialty and pay TV channels, radio stations, digital media properties and out-of-home advertising platforms.
(3)	Non-GAAP Financial Measures
	EBITDA and EBITDA margin The terms EBITDA and EBITDA margin 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 EBITDA as operating revenues less operating costs (including post-employment benefit plans service cost). We define EBITDA margin as EBITDA divided by operating revenues. We use EBITDA and EBITDA margin to evaluate the performance of our businesses as they reflect their ongoing profitability. We believe that certain investors and analysts use EBITDA to measure a company’s ability to service debt and to meet other payment obligations or as a common measurement to value companies in the telecommunications industry. We believe that certain investors and analysts also use EBITDA and EBITDA margin to evaluate the performance of our businesses. EBITDA also is one component in the determination of short-term incentive compensation for all management employees. EBITDA and EBITDA margin have no directly comparable IFRS financial measure. Alternatively, EBITDA may be reconciled to net earnings as shown in this document. Adjusted net earnings and Adjusted earnings per share (EPS) The terms Adjusted net earnings and Adjusted EPS do not have any standardized meaning under IFRS. Therefore, they are unlikely to be comparable to similar measures presented by other issuers. We define Adjusted net earnings as net earnings attributable to common shareholders before severance, acquisition and other costs, net (gains) losses on investments, and premiums on early redemption of debt. We define Adjusted EPS as Adjusted net earnings per BCE common share We use Adjusted net earnings and Adjusted EPS and we believe that certain investors and analysts use these measures, among other ones, to assess the performance of our businesses without the effects of severance, acquisition and other costs, net (gains) losses on investments, and premiums on early redemption of debt, net of tax and non-controlling interest. We exclude these items because they affect the comparability of our financial results and could potentially distort the analysis of trends in business performance. Excluding these items does not imply they are non-recurring. The most comparable IFRS financial measures are net earnings attributable to common shareholders and EPS.

BCE Supplementary Financial Information – First Quarter 2014   Page 14

Accompanying Notes

Free Cash Flow and Free Cash Flow per share The terms free cash flow and free cash flow per share do not have any standardized meaning under IFRS. Therefore, they are unlikely to be comparable to similar measures presented by other issuers. We define free cash flow as cash flows from operating activities, excluding acquisition costs paid and voluntary pension funding, plus dividends received from Bell Aliant, less capital expenditures, preferred share dividends, dividends paid by subsidiaries to non-controlling interest, and Bell Aliant free cash flow. We define free cash flow per share as follows: Free cash flow Average number of common shares outstanding We consider free cash flow and free cash flow per share to be important indicators of the financial strength and performance of our businesses because they show how much cash is available to pay dividends, repay debt and reinvest in our company. We believe that certain investors and analysts use free cash flow to value a business and its underlying assets. We believe that certain investors and analysts also use free cash flow and free cash flow per share to evaluate the financial strength and performance of our businesses. For free cash flow, the most comparable IFRS financial measure is cash flows from operating activities. Net debt The term net debt does not have any standardized meaning under IFRS. Therefore, it is unlikely to be comparable to similar measures presented by other issuers. We define net debt as debt due within one year plus long-term debt and 50% of preferred shares less cash and cash equivalents. We include 50% of outstanding preferred shares in our net debt as it is consistent with the treatment by certain credit rating agencies. 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 and cash equivalents. We believe that certain investors and analysts use net debt to determine a company’s financial leverage. Net debt has no directly comparable IFRS financial measure, but rather is calculated using several asset and liability categories from the statements of financial position, as shown in this document.

(4)

Key Performance Indicators (KPIs) We use a number of 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. Capital Intensity is capital expenditures divided by operating revenues. Average revenue per user or subscriber (ARPU) represents the measurement of certain service revenues divided by the average subscriber base for the specified period.

BCE Supplementary Financial Information – First Quarter 2014   Page 15

Accompanying Notes

Churn is the rate at which existing subscribers cancel their services, expressed as a percentage. Churn is calculated as the number of subscribers disconnected divided by the average subscriber base. It is a measure of monthly customer turnover. Cost of acquisition (COA) is also referred to as subscriber acquisition costs. COA represents the total cost associated with acquiring a customer and includes costs such as hardware discounts, marketing and distribution costs. This measure is expressed per gross activation during a specified period. Net debt to Adjusted EBITDA is Bell net debt divided by twelve-month trailing Bell Adjusted EBITDA. Net debt is debt due within one year, long-term debt and 50% of preferred shares less cash and cash equivalents. Adjusted EBITDA is Bell EBITDA including dividends from Bell Aliant to BCE. Adjusted EBITDA to net interest expense is twelve-month trailing Adjusted EBITDA divided by twelve-month trailing net interest expense. Adjusted EBITDA is Bell EBITDA including dividends from Bell Aliant to BCE. Net interest expense is Bell interest expense excluding interest on post-employment benefit obligations and including 50% of dividends on preferred shares.

(5)

Annualized cash flow yield is calculated as follows: Trailing 12 month free cash flow Number of common shares outstanding at end of period multiplied by share price at end of period

BCE Supplementary Financial Information – First Quarter 2014   Page 16