Exhibit 99.2

BCE ^{(1) (2)}
Consolidated Operational Data

(In millions of Canadian dollars, except share amounts) (unaudited)		Q1 2017			Q1 2016			$ change		% change
Operating revenues
Service		5,051			4,908			143		2.9	%
Product		333			362			(29	)	(8.0	%)
Total operating revenues		5,384			5,270			114		2.2	%
Operating costs (A)		(3,120	)		(3,059	)		(61	)	(2.0	%)
Post-employment benefit plans service cost		(50	)		(48	)		(2	)	(4.2	%)
Adjusted EBITDA (3)		2,214			2,163			51		2.4	%
Adjusted EBITDA margin (3)		41.1	%		41.0	%				0.1	pts
Severance, acquisition and other costs		(84	)		(42	)		(42	)	(100.0	%)
Depreciation		(722	)		(739	)		17		2.3	%
Amortization		(185	)		(149	)		(36	)	(24.2	%)
Finance costs
Interest expense		(234	)		(219	)		(15	)	(6.8	%)
Interest on post-employment benefit obligations		(18	)		(20	)		2		10.0	%
Other income		17			23			(6	)	(26.1	%)
Income taxes		(263	)		(259	)		(4	)	(1.5	%)
Net earnings		725			758			(33	)	(4.4	%)
Net earnings attributable to:
Common shareholders		679			707			(28	)	(4.0	%)
Preferred shareholders		31			37			(6	)	(16.2	%)
Non-controlling interest		15			14			1		7.1	%
Net earnings		725			758			(33	)	(4.4	%)
Net earnings per common share - basic	$	0.78		$	0.82		$	(0.04	)	(4.9	%)
Net earnings per common share - diluted	$	0.78		$	0.82		$	(0.04	)	(4.9	%)
Dividends per common share	$	0.7175		$	0.6825		$	0.0350		5.1	%
Average number of common shares outstanding - basic (millions)		875.7			867.1
Average number of common shares outstanding - diluted (millions)		876.6			868.1
Number of common shares outstanding (millions)		899.5			868.6
Adjusted net earnings and EPS
Net earnings attributable to common shareholders		679			707			(28	)	(4.0	%)
Severance, acquisition and other costs		65			31			34		n.m.
Net losses (gains) on investments		14			(12	)		26		n.m.
Early debt redemption costs		-			8			(8	)	(100.0	%)
Adjusted net earnings (3)		758			734			24		3.3	%
Impact on net earnings per share	$	0.09		$	0.03		$	0.06		n.m.
Adjusted EPS (3)	$	0.87		$	0.85		$	0.02		2.4	%

(A)	Excludes post-employment benefit plans service cost
n.m. :	not meaningful

BCE Supplementary Financial Information - First Quarter 2017 Page 2

BCE
Consolidated Operational Data - Historical Trend

(In millions of Canadian dollars, except share amounts) (unaudited)		Q1 17			TOTAL 2016			Q4 16			Q3 16			Q2 16			Q1 16
Operating revenues
Service		5,051			20,090			5,169			5,025			4,988			4,908
Product		333			1,629			533			382			352			362
Total operating revenues		5,384			21,719			5,702			5,407			5,340			5,270
Operating costs (A)		(3,120	)		(12,707	)		(3,521	)		(3,111	)		(3,016	)		(3,059	)
Post-employment benefit plans service cost		(50	)		(224	)		(60	)		(60	)		(56	)		(48	)
Adjusted EBITDA		2,214			8,788			2,121			2,236			2,268			2,163
Adjusted EBITDA margin		41.1	%		40.5	%		37.2	%		41.4	%		42.5	%		41.0	%
Severance, acquisition and other costs		(84	)		(135	)		(11	)		(25	)		(57	)		(42	)
Depreciation		(722	)		(2,877	)		(719	)		(706	)		(713	)		(739	)
Amortization		(185	)		(631	)		(165	)		(161	)		(156	)		(149	)
Finance costs
Interest expense		(234	)		(888	)		(225	)		(227	)		(217	)		(219	)
Interest on post-employment benefit obligations		(18	)		(81	)		(20	)		(20	)		(21	)		(20	)
Other income (expense)		17			21			(30	)		(13	)		41			23
Income taxes		(263	)		(1,110	)		(252	)		(284	)		(315	)		(259	)
Net earnings		725			3,087			699			800			830			758
Net earnings attributable to:
Common shareholders		679			2,894			657			752			778			707
Preferred shareholders		31			137			33			32			35			37
Non-controlling interest		15			56			9			16			17			14
Net earnings		725			3,087			699			800			830			758
Net earnings per common share - basic	$	0.78		$	3.33		$	0.75		$	0.87		$	0.89		$	0.82
Net earnings per common share - diluted	$	0.78		$	3.33		$	0.75		$	0.87		$	0.89		$	0.82
Dividends per common share	$	0.7175		$	2.7300		$	0.6825		$	0.6825		$	0.6825		$	0.6825
Average number of common shares outstanding - basic (millions)		875.7			869.1			870.5			869.9			869.1			867.1
Average number of common shares outstanding - diluted (millions)		876.6			870.3			871.6			871.4			870.3			868.1
Number of common shares outstanding (millions)		899.5			870.7			870.7			870.2			869.5			868.6
Adjusted net earnings and EPS
Net earnings attributable to common shareholders		679			2,894			657			752			778			707
Severance, acquisition and other costs		65			104			9			20			44			31
Net losses (gains) on investments		14			3			1			12			2			(12	)
Early debt redemption costs		-			8			-			-			-			8
Adjusted net earnings		758			3,009			667			784			824			734
Impact on net earnings per share	$	0.09		$	0.13		$	0.01		$	0.04		$	0.05		$	0.03
Adjusted EPS	$	0.87		$	3.46		$	0.76		$	0.91		$	0.94		$	0.85

(A) Excludes post-employment benefit plans service cost

BCE Supplementary Financial Information - First Quarter 2017 Page 3

BCE
Segmented Data

(In millions of Canadian dollars, except where otherwise indicated) (unaudited)	Q1 2017		Q1 2016		$ change		% change
Operating revenues
Bell Wireless	1,814		1,693		121		7.1	%
Bell Wireline	2,980		2,983		(3	)	(0.1	%)
Bell Media	751		741		10		1.3	%
Inter-segment eliminations	(161	)	(147	)	(14	)	(9.5	%)
Total	5,384		5,270		114		2.2	%
Operating costs
Bell Wireless	(996	)	(932	)	(64	)	(6.9	%)
Bell Wireline	(1,718	)	(1,726	)	8		0.5	%
Bell Media	(617	)	(596	)	(21	)	(3.5	%)
Inter-segment eliminations	161		147		14		9.5	%
Total	(3,170	)	(3,107	)	(63	)	(2.0	%)
Adjusted EBITDA
Bell Wireless	818		761		57		7.5	%
Margin	45.1	%	44.9	%			0.2	pts
Bell Wireline	1,262		1,257		5		0.4	%
Margin	42.3	%	42.1	%			0.2	pts
Bell Media	134		145		(11	)	(7.6	%)
Margin	17.8	%	19.6	%			(1.8	) pts
Total	2,214		2,163		51		2.4	%
Margin	41.1	%	41.0	%			0.1	pts
Capital expenditures
Bell Wireless	136		162		26		16.0	%
Capital intensity (4)	7.5	%	9.6	%			2.1	pts
Bell Wireline	691		669		(22	)	(3.3	%)
Capital intensity	23.2	%	22.4	%			(0.8	) pts
Bell Media	25		21		(4	)	(19.0	%)
Capital intensity	3.3	%	2.8	%			(0.5	) pts
Total	852		852		-		-
Capital intensity	15.8	%	16.2	%			0.4	pts

BCE Supplementary Financial Information - First Quarter 2017 Page 4

BCE
Segmented Data - Historical Trend

(In millions of Canadian dollars, except where otherwise indicated) (unaudited)	Q1 17		TOTAL 2016		Q4 16		Q3 16		Q2 16		Q1 16
Operating revenues
Bell Wireless	1,814		7,159		1,883		1,848		1,735		1,693
Bell Wireline	2,980		12,104		3,137		3,005		2,979		2,983
Bell Media	751		3,081		845		716		779		741
Inter-segment eliminations	(161	)	(625	)	(163	)	(162	)	(153	)	(147	)
Total	5,384		21,719		5,702		5,407		5,340		5,270
Operating costs
Bell Wireless	(996	)	(4,156	)	(1,209	)	(1,052	)	(963	)	(932	)
Bell Wireline	(1,718	)	(7,062	)	(1,878	)	(1,752	)	(1,706	)	(1,726	)
Bell Media	(617	)	(2,338	)	(657	)	(529	)	(556	)	(596	)
Inter-segment eliminations	161		625		163		162		153		147
Total	(3,170	)	(12,931	)	(3,581	)	(3,171	)	(3,072	)	(3,107	)
Adjusted EBITDA
Bell Wireless	818		3,003		674		796		772		761
Margin	45.1	%	41.9	%	35.8	%	43.1	%	44.5	%	44.9	%
Bell Wireline	1,262		5,042		1,259		1,253		1,273		1,257
Margin	42.3	%	41.7	%	40.1	%	41.7	%	42.7	%	42.1	%
Bell Media	134		743		188		187		223		145
Margin	17.8	%	24.1	%	22.2	%	26.1	%	28.6	%	19.6	%
Total	2,214		8,788		2,121		2,236		2,268		2,163
Margin	41.1	%	40.5	%	37.2	%	41.4	%	42.5	%	41.0	%
Capital expenditures
Bell Wireless	136		733		193		195		183		162
Capital intensity	7.5	%	10.2	%	10.2	%	10.6	%	10.5	%	9.6	%
Bell Wireline	691		2,936		778		756		733		669
Capital intensity	23.2	%	24.3	%	24.8	%	25.2	%	24.6	%	22.4	%
Bell Media	25		102		22		25		34		21
Capital intensity	3.3	%	3.3	%	2.6	%	3.5	%	4.4	%	2.8	%
Total	852		3,771		993		976		950		852
Capital intensity	15.8	%	17.4	%	17.4	%	18.1	%	17.8	%	16.2	%

BCE Supplementary Financial Information - First Quarter 2017 Page 5

Bell Wireless ^{(1) (2)}

(In millions of Canadian dollars, except where otherwise indicated) (unaudited)	Q1 2017		Q1 2016		% change
Bell Wireless
Operating revenues
External service revenues	1,705		1,579		8.0	%
Inter-segment service revenues	10		9		11.1	%
Total operating service revenues	1,715		1,588		8.0	%
External product revenues	99		104		(4.8	%)
Inter-segment product revenues	-		1		(100.0	%)
Total operating product revenues	99		105		(5.7	%)
Total external revenues	1,804		1,683		7.2	%
Total operating revenues	1,814		1,693		7.1	%
Operating costs	(996	)	(932	)	(6.9	%)
Adjusted EBITDA	818		761		7.5	%
Adjusted EBITDA margin (Total operating revenues)	45.1	%	44.9	%	0.2	pts
Adjusted EBITDA margin (Operating service revenues)	47.7	%	47.9	%	(0.2	) pts
Capital expenditures	136		162		16	%
Capital intensity	7.5	%	9.6	%	2.1	pts
Wireless gross activations	348,452		331,623		5.1	%
Postpaid	296,616		275,415		7.7	%
Wireless net activations (losses)	672		(9,868	)	106.8	%
Postpaid	35,782		25,805		38.7	%
Wireless subscribers end of period (EOP) (A)	8,946,476		8,235,963		8.6	%
Postpaid (A)	8,144,936		7,401,221		10.0	%
Average revenue per user (4) (ARPU)($/month)	65.66		63.02		4.2	%
Churn (%) (4) (average per month)	1.36	%	1.38	%	0.02	pts
Prepaid	3.29	%	3.42	%	0.13	pts
Postpaid	1.17	%	1.15	%	(0.02	) pts

(A) As a result of the acquisition of MTS on March 17, 2017, our wireless subscriber base increased by 476,932 subscribers (418,427 postpaid). Subsequent to Q1 2017, as part of a consent agreement with the Competition Bureau, on April 1, 2017, BCE divested approximately one-quarter of the acquired MTS postpaid wireless subscribers to TELUS.

BCE Supplementary Financial Information - First Quarter 2017 Page 6

Bell Wireless - Historical Trend

(In millions of Canadian dollars, except where otherwise indicated) (unaudited)	Q1 17		TOTAL 2016		Q4 16		Q3 16		Q2 16		Q1 16
Bell Wireless
Operating revenues
External service revenues	1,705		6,602		1,702		1,711		1,610		1,579
Inter-segment service revenues	10		40		11		10		10		9
Total operating service revenues	1,715		6,642		1,713		1,721		1,620		1,588
External product revenues	99		515		170		127		114		104
Inter-segment product revenues	-		2		-		-		1		1
Total operating product revenues	99		517		170		127		115		105
Total external revenues	1,804		7,117		1,872		1,838		1,724		1,683
Total operating revenues	1,814		7,159		1,883		1,848		1,735		1,693
Operating costs	(996	)	(4,156	)	(1,209	)	(1,052	)	(963	)	(932	)
Adjusted EBITDA	818		3,003		674		796		772		761
Adjusted EBITDA margin (Total operating revenues)	45.1	%	41.9	%	35.8	%	43.1	%	44.5	%	44.9	%
Adjusted EBITDA margin (Operating service revenues)	47.7	%	45.2	%	39.3	%	46.3	%	47.7	%	47.9	%
Capital expenditures	136		733		193		195		183		162
Capital intensity	7.5	%	10.2	%	10.2	%	10.6	%	10.5	%	9.6	%
Wireless gross activations	348,452		1,654,882		490,948		453,078		379,233		331,623
Postpaid	296,616		1,408,030		434,008		381,630		316,977		275,415
Wireless net activations (losses)	672		223,041		87,923		100,256		44,730		(9,868	)
Postpaid	35,782		315,311		112,393		107,265		69,848		25,805
Wireless subscribers EOP (A)	8,946,476		8,468,872		8,468,872		8,380,949		8,280,693		8,235,963
Postpaid (A)	8,144,936		7,690,727		7,690,727		7,578,334		7,471,069		7,401,221
ARPU ($/month)	65.66		65.46		66.69		67.76		64.32		63.02
Churn (%)(average per month)	1.36	%	1.44	%	1.60	%	1.41	%	1.35	%	1.38	%
Prepaid	3.29	%	3.13	%	3.01	%	2.86	%	3.21	%	3.42	%
Postpaid	1.17	%	1.25	%	1.45	%	1.26	%	1.15	%	1.15	%

(A) As a result of the acquisition of MTS on March 17, 2017, our wireless subscriber base increased by 476,932 subscribers (418,427 postpaid). Subsequent to Q1 2017, as part of a consent agreement with the Competition Bureau, on April 1, 2017, BCE divested approximately one-quarter of the acquired MTS postpaid wireless subscribers to TELUS.

BCE Supplementary Financial Information - First Quarter 2017 Page 7

Bell Wireline ^{(1) (2)}

(In millions of Canadian dollars, except where otherwise indicated) (unaudited)	Q1 2017		Q1 2016		% change
Bell Wireline
Operating revenues
Data	1,707		1,657		3.0	%
Local & access	775		789		(1.8	%)
Long distance	168		191		(12.0	%)
Other services	44		47		(6.4	%)
Total external service revenues	2,694		2,684		0.4	%
Inter-segment service revenues	49		39		25.6	%
Total operating service revenues	2,743		2,723		0.7	%
Data	123		137		(10.2	%)
Equipment & other	111		121		(8.3	%)
Total external product revenues	234		258		(9.3	%)
Inter-segment product revenues	3		2		50.0	%
Total operating product revenues	237		260		(8.8	%)
Total external revenues	2,928		2,942		(0.5	%)
Total operating revenues	2,980		2,983		(0.1	%)
Operating costs	(1,718	)	(1,726	)	0.5	%
Adjusted EBITDA	1,262		1,257		0.4	%
Adjusted EBITDA margin	42.3	%	42.1	%	0.2	pts
Capital expenditures	691		669		(3.3	%)
Capital intensity	23.2	%	22.4	%	(0.8	) pts
High-speed Internet
High-speed Internet net activations	14,989		19,783		(24.2	%)
High-speed Internet subscribers EOP (A) (B)	3,717,270		3,411,246		9.0	%
TV
Net subscriber (losses) activations	(15,663	)	9,999		(256.6	%)
Internet protocol television (IPTV)	22,402		47,740		(53.1	%)
Total subscribers EOP (A)	2,837,353		2,748,495		3.2	%
IPTV (A)	1,465,007		1,230,531		19.1	%
Local
Network access services (NAS) (A)
Residential (A)	3,399,981		3,466,304		(1.9	%)
Business (A)	3,174,293		3,099,204		2.4	%
Total	6,574,274		6,565,508		0.1	%
NAS net losses
Residential	(73,421	)	(67,428	)	(8.9	%)
Business	(29,853	)	(40,204	)	25.7	%
Total	(103,274	)	(107,632	)	4.0	%

(A)	As a result of the acquisition of MTS on March 17, 2017, our high-speed Internet, TV and NAS subscriber bases increased by 229,470, 108,107 (104,661 IPTV) and 419,816 (223,663 residential and 196,153 business), respectively.
(B)	Following a review of customer accounts by a wholesale reseller, we have adjusted our high-speed Internet subscriber base at the beginning of Q1 2017 to remove 3,751 non-revenue generating units.

BCE Supplementary Financial Information - First Quarter 2017 Page 8

Bell Wireline - Historical Trend

(In millions of Canadian dollars, except where otherwise indicated) (unaudited)	Q1 17		TOTAL 2016		Q4 16		Q3 16		Q2 16		Q1 16
Bell Wireline
Operating revenues
Data	1,707		6,791		1,745		1,704		1,685		1,657
Local & access	775		3,089		753		766		781		789
Long distance	168		741		178		189		183		191
Other services	44		182		45		39		51		47
Total external service revenues	2,694		10,803		2,721		2,698		2,700		2,684
Inter-segment service revenues	49		177		49		50		39		39
Total operating service revenues	2,743		10,980		2,770		2,748		2,739		2,723
Data	123		559		171		129		122		137
Equipment & other	111		555		192		126		116		121
Total external product revenues	234		1,114		363		255		238		258
Inter-segment product revenues	3		10		4		2		2		2
Total operating product revenues	237		1,124		367		257		240		260
Total external revenues	2,928		11,917		3,084		2,953		2,938		2,942
Total operating revenues	2,980		12,104		3,137		3,005		2,979		2,983
Operating costs	(1,718	)	(7,062	)	(1,878	)	(1,752	)	(1,706	)	(1,726	)
Adjusted EBITDA	1,262		5,042		1,259		1,253		1,273		1,257
Adjusted EBITDA margin	42.3	%	41.7	%	40.1	%	41.7	%	42.7	%	42.1	%
Capital expenditures	691		2,936		778		756		733		669
Capital intensity	23.2	%	24.3	%	24.8	%	25.2	%	24.6	%	22.4	%
High-speed Internet
High-speed Internet net activations	14,989		85,099		18,402		39,375		7,539		19,783
High-speed Internet subscribers EOP (A) (B)	3,717,270		3,476,562		3,476,562		3,458,160		3,418,785		3,411,246
TV
Net subscriber (losses) activations	(15,663	)	6,413		(964	)	(4,723	)	2,101		9,999
IPTV	22,402		155,153		35,905		36,253		35,255		47,740
Total subscribers EOP (A)	2,837,353		2,744,909		2,744,909		2,745,873		2,750,596		2,748,495
IPTV (A)	1,465,007		1,337,944		1,337,944		1,302,039		1,265,786		1,230,531
Local
NAS (A)
Residential (A)	3,399,981		3,249,739		3,249,739		3,317,124		3,397,711		3,466,304
Business (A)	3,174,293		3,007,993		3,007,993		3,041,238		3,078,972		3,099,204
Total	6,574,274		6,257,732		6,257,732		6,358,362		6,476,683		6,565,508
NAS net losses
Residential	(73,421	)	(283,993	)	(67,385	)	(80,587	)	(68,593	)	(67,428	)
Business	(29,853	)	(131,415	)	(33,245	)	(37,734	)	(20,232	)	(40,204	)
Total	(103,274	)	(415,408	)	(100,630	)	(118,321	)	(88,825	)	(107,632	)

(A)	As a result of the acquisition of MTS on March 17, 2017, our high-speed Internet, TV and NAS subscriber bases increased by 229,470, 108,107 (104,661 IPTV) and 419,816 (223,663 residential and 196,153 business), respectively.
(B)	Following a review of customer accounts by a wholesale reseller, we have adjusted our high-speed Internet subscriber base at the beginning of Q1 2017 to remove 3,751 non-revenue generating units.

BCE Supplementary Financial Information - First Quarter 2017 Page 9

BCE ⁽²⁾
Net debt and other information

BCE - Net debt and preferred shares
(In millions of Canadian dollars, except where otherwise indicated) (unaudited)
	March 31		December 31
	2017		2016
Debt due within one year	6,306		4,887
Long-term debt	17,757		16,572
Preferred shares - BCE (A)	2,002		2,002
Cash and cash equivalents	(510	)	(853	)
Net debt (3)	25,555		22,608
Net debt leverage ratio (3)	2.89		2.57
Adjusted EBITDA /net interest expense ratio (3)	9.27		9.31

Cash flow information
(In millions of Canadian dollars, except where otherwise indicated) (unaudited)	Q1 2017		Q1 2016		$ change		% change
Free cash flow (FCF) (3)
Cash flows from operating activities	1,313		1,290		23		1.8	%
Capital expenditures	(852	)	(852	)	-		-
Dividends paid on preferred shares	(43	)	(36	)	(7	)	(19.4	%)
Dividends paid by subsidiaries to non-controlling interest	(12	)	(12	)	-		-
Acquisition and other costs paid	83		28		55		n.m.
FCF	489		418		71		17.0	%

Cash flow information - Historical trend
(In millions of Canadian dollars, except where otherwise indicated) (unaudited)	Q1 2017		TOTAL 2016		Q4 2016		Q3 2016		Q2 2016		Q1 2016
FCF
Cash flows from operating activities	1,313		6,643		1,520		1,943		1,890		1,290
Capital expenditures	(852	)	(3,771	)	(993	)	(976	)	(950	)	(852	)
Dividends paid on preferred shares	(43	)	(126	)	(21	)	(34	)	(35	)	(36	)
Dividends paid by subsidiaries to non-controlling interest	(12	)	(46	)	(11	)	(13	)	(10	)	(12	)
Acquisition and other costs paid	83		126		28		31		39		28
Voluntary defined benefit pension plan contribution	-		400		400		-		-		-
FCF	489		3,226		923		951		934		418

^(A) Net debt includes 50% of preferred shares

BCE Supplementary Financial Information - First Quarter 2017 Page 10

BCE ⁽²⁾
Consolidated Statements of Financial Position

(In millions of Canadian dollars, except where otherwise indicated) (unaudited)	March 31 2017		December 31 2016
ASSETS
Current assets
Cash	439		603
Cash equivalents	71		250
Trade and other receivables	2,818		2,979
Inventory	428		403
Prepaid expenses	540		420
Assets held for sale	284		-
Other current assets	152		200
Total current assets	4,732		4,855
Non-current assets
Property, plant and equipment	23,450		22,346
Intangible assets	13,356		11,998
Deferred tax assets	171		89
Investments in associates and joint ventures	879		852
Other non-current assets	875		1,010
Goodwill	10,386		8,958
Total non-current assets	49,117		45,253
Total assets	53,849		50,108
LIABILITIES
Current liabilities
Trade payables and other liabilities	4,044		4,326
Interest payable	177		156
Dividends payable	636		617
Current tax liabilities	62		122
Debt due within one year	6,306		4,887
Total current liabilities	11,225		10,108
Non-current liabilities
Long-term debt	17,757		16,572
Deferred tax liabilities	2,158		2,192
Post-employment benefit obligations	2,252		2,105
Other non-current liabilities	1,264		1,277
Total non-current liabilities	23,431		22,146
Total liabilities	34,656		32,254
EQUITY
Equity attributable to BCE shareholders
Preferred shares	4,004		4,004
Common shares	20,023		18,370
Contributed surplus	1,137		1,160
Accumulated other comprehensive income	37		46
Deficit	(6,324	)	(6,040	)
Total equity attributable to BCE shareholders	18,877		17,540
Non-controlling interest	316		314
Total equity	19,193		17,854
Total liabilities and equity	53,849		50,108
Number of common shares outstanding (millions)	899.5		870.7

BCE Supplementary Financial Information - First Quarter 2017 Page 11

BCE ⁽²⁾
Consolidated Cash Flow Data

(In millions of Canadian dollars, except where otherwise indicated) (unaudited)	Q1 2017		Q1 2016		$ change
Net earnings	725		758		(33	)
Adjustments to reconcile net earnings to cash flows from operating activities
Severance, acquisition and other costs	84		42		42
Depreciation and amortization	907		888		19
Post-employment benefit plans cost	68		68		-
Net interest expense	230		218		12
Losses (gains) on investments	12		(16	)	28
Income taxes	263		259		4
Contributions to post-employment benefit plans	(88	)	(90	)	2
Payments under other post-employment benefit plans	(19	)	(19	)	-
Severance and other costs paid	(41	)	(86	)	45
Interest paid	(223	)	(221	)	(2	)
Income taxes paid (net of refunds)	(288	)	(238	)	(50	)
Acquisition and other costs paid	(83	)	(28	)	(55	)
Net change in operating assets and liabilities	(234	)	(245	)	11
Cash flows from operating activities	1,313		1,290		23
Capital expenditures	(852	)	(852	)	-
Cash dividends paid on preferred shares	(43	)	(36	)	(7	)
Cash dividends paid by subsidiaries to non-controlling interest	(12	)	(12	)	-
Acquisition and other costs paid	83		28		55
Free cash flow	489		418		71
Business acquisitions	(1,635	)	(245	)	(1,390	)
Acquisition and other costs paid	(83	)	(28	)	(55	)
Business dispositions	-		16		(16	)
Other investing activities	(9	)	35		(44	)
Increase in notes payable and bank advances	308		725		(417	)
Increase in securitized trade receivables	350		-		350
Issue of long-term debt	1,496		747		749
Repayment of long-term debt	(604	)	(1,310	)	706
Issue of common shares	48		73		(25	)
Repurchase of shares for settlement of share-based payments	(96	)	(68	)	(28	)
Cash dividends paid on common shares	(594	)	(526	)	(68	)
Other financing activities	(13	)	(27	)	14
	(832	)	(608	)	(224	)
Net decrease in cash and cash equivalents	(343	)	(190	)	(153	)
Cash and cash equivalents at beginning of period	853		613		240
Cash and cash equivalents at end of period	510		423		87

BCE Supplementary Financial Information - First Quarter 2017 Page 12

BCE
Consolidated Cash Flow Data - Historical Trend

(In millions of Canadian dollars, except where otherwise indicated) (unaudited)	Q1 17		TOTAL 2016		Q4 16		Q3 16		Q2 16		Q1 16
Net earnings	725		3,087		699		800		830		758
Adjustments to reconcile net earnings to cash flows from operating activities
Severance, acquisition and other costs	84		135		11		25		57		42
Depreciation and amortization	907		3,508		884		867		869		888
Post-employment benefit plans cost	68		305		80		80		77		68
Net interest expense	230		875		220		222		215		218
Losses (gains) on investments	12		(58	)	(10	)	(34	)	2		(16	)
Income taxes	263		1,110		252		284		315		259
Contributions to post-employment benefit plans	(88	)	(725	)	(477	)	(78	)	(80	)	(90	)
Payments under other post-employment benefit plans	(19	)	(76	)	(21	)	(17	)	(19	)	(19	)
Severance and other costs paid	(41	)	(231	)	(36	)	(48	)	(61	)	(86	)
Interest paid	(223	)	(882	)	(221	)	(219	)	(221	)	(221	)
Income taxes paid (net of refunds)	(288	)	(565	)	(102	)	(123	)	(102	)	(238	)
Acquisition and other costs paid	(83	)	(126	)	(28	)	(31	)	(39	)	(28	)
Net change in operating assets and liabilities	(234	)	286		269		215		47		(245	)
Cash flows from operating activities	1,313		6,643		1,520		1,943		1,890		1,290
Capital expenditures	(852	)	(3,771	)	(993	)	(976	)	(950	)	(852	)
Cash dividends paid on preferred shares	(43	)	(126	)	(21	)	(34	)	(35	)	(36	)
Cash dividends paid by subsidiaries to non-controlling interest	(12	)	(46	)	(11	)	(13	)	(10	)	(12	)
Acquisition and other costs paid	83		126		28		31		39		28
Voluntary defined benefit pension plan contribution	-		400		400		-		-		-
Free cash flow	489		3,226		923		951		934		418
Business acquisitions	(1,635	)	(404	)	(158	)	-		(1	)	(245	)
Acquisition and other costs paid	(83	)	(126	)	(28	)	(31	)	(39	)	(28	)
Voluntary defined benefit pension plan contribution	-		(400	)	(400	)	-		-		-
Business dispositions	-		18		(2	)	2		2		16
Decrease in investments	-		107		85		22		-		-
Acquisition of spectrum licences	-		(1	)	-		-		(1	)	-
Loan to related party	-		(517	)	(7	)	(510	)	-		-
Other investing activities	(9	)	(16	)	(16	)	(21	)	(14	)	35
Increase in notes payable and bank advances	308		991		89		4		173		725
Increase (reduction) in securitized trade receivables	350		-		(305	)	305		-		-
Issue of long-term debt	1,496		2,244		-		1,497		-		747
Repayment of long-term debt	(604	)	(2,516	)	(124	)	(812	)	(270	)	(1,310	)
Issue of common shares	48		99		1		6		19		73
Repurchase of shares for settlement of share-based payments	(96	)	(106	)	(12	)	(15	)	(11	)	(68	)
Cash dividends paid on common shares	(594	)	(2,305	)	(593	)	(594	)	(592	)	(526	)
Other financing activities	(13	)	(54	)	7		(26	)	(8	)	(27	)
	(832	)	(2,986	)	(1,463	)	(173	)	(742	)	(608	)
Net (decrease) increase in cash and cash equivalents	(343	)	240		(540	)	778		192		(190	)
Cash and cash equivalents at beginning of period	853		613		1,393		615		423		613
Cash and cash equivalents at end of period	510		853		853		1,393		615		423

BCE Supplementary Financial Information - First Quarter 2017 Page 13

Accompanying Notes

(1)	We report our results in three segments: Bell Wireless, Bell Wireline and Bell Media. Our reporting structure reflects how we manage our business and how we classify our results for planning and measuring performance. Throughout this report, we, us, our, the company and BCE mean, as the context may require, either BCE Inc. or, collectively, BCE Inc., Bell Canada, their subsidiaries, joint arrangements and associates. MTS means, as the context may require, until March 17, 2017, either Manitoba Telecom Services Inc. or, collectively, Manitoba Telecom Services Inc. and its subsidiaries; and Bell MTS means, from March 17, 2017, the combined operations of MTS and Bell Canada in Manitoba.
(2)	On March 17, 2017, BCE acquired all of the issued and outstanding common shares of MTS. Bell MTS offers wireless, Internet, TV, phone services, security systems and information solutions including unified cloud and managed services to residential and business customers in Manitoba. The results from the acquired MTS operations are included in our Bell Wireline and Wireless segments. For further details see note 3, Business acquisitions and dispositions, of the Q1 2017 financial statements.
(3)	Non-GAAP Financial Measures In Q1 2017, we updated our definition of adjusted net earnings and adjusted EPS to also exclude impairment charges as they may affect the comparability of our financial results and could potentially distort the analysis of trends in business performance. There was no impact on our Q1 2017 results, or for any previously reported results in 2016, as a result of this change. Adjusted EBITDA and adjusted EBITDA margin The terms adjusted EBITDA and adjusted 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 adjusted EBITDA as operating revenues less operating costs (including post-employment benefit plans service cost) as shown in BCE’s consolidated income statements. Adjusted EBITDA for BCE’s segments is the same as segment profit as reported in BCE’s consolidated financial statements. We define adjusted EBITDA margin as adjusted EBITDA divided by operating revenues. We use adjusted EBITDA and adjusted EBITDA margin to evaluate the performance of our businesses as they reflect their ongoing profitability. We believe that certain investors and analysts use adjusted 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 adjusted EBITDA and adjusted EBITDA margin to evaluate the performance of our businesses. Adjusted EBITDA also is one component in the determination of short-term incentive compensation for all management employees. Adjusted EBITDA and adjusted EBITDA margin have no directly comparable IFRS financial measure. Alternatively, adjusted 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.

BCE Supplementary Financial Information - First Quarter 2017 Page 14

We define adjusted net earnings as net earnings attributable to common shareholders before severance, acquisition and other costs, net losses (gains) on investments, impairment charges, and early debt redemption costs. 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 losses (gains) on investments, impairment charges, and early debt redemption costs, 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, as reconciled in this document.

Free cash flow

The term free cash flow does not have any standardized meaning under IFRS. Therefore, it is unlikely to be comparable to similar measures presented by other issuers.

We define free cash flow as cash flows from operating activities, excluding acquisition and other costs paid (which include significant litigation costs) and voluntary pension funding, less capital expenditures, preferred share dividends and dividends paid by subsidiaries to non-controlling interest. We exclude acquisition and other costs paid and voluntary pension funding 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.

We consider free cash flow to be an important indicator of the financial strength and performance of our businesses because it shows 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 and to evaluate the financial strength and performance of our businesses.

The most comparable IFRS financial measure is cash flows from operating activities, as reconciled in this document.

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, as shown in BCE’s consolidated statements of financial position. 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.
 

BCE Supplementary Financial Information - First Quarter 2017 Page 15

Net debt leverage ratio The net debt leverage ratio does not have any standardized meaning under IFRS. Therefore, it is unlikely to be comparable to similar measures presented by other issuers. We use, and believe that certain investors and analysts use, the net debt leverage ratio as a measure of financial leverage. The net debt leverage ratio represents net debt divided by adjusted EBITDA. For the purposes of calculating our net debt leverage ratio, adjusted EBITDA is twelve-month trailing adjusted EBITDA. Adjusted EBITDA to net interest expense ratio The ratio of adjusted EBITDA to net interest expense does not have any standardized meaning under IFRS. Therefore, it is unlikely to be comparable to similar measures presented by other issuers. We use, and believe that certain investors and analysts use, the adjusted EBITDA to net interest expense ratio as a measure of financial health of the company. The adjusted EBITDA to net interest expense ratio represents adjusted EBITDA divided by net interest expense. For the purposes of calculating our adjusted EBITDA to net interest expense ratio, adjusted EBITDA is twelve-month trailing adjusted EBITDA. Net interest expense is twelve-month trailing net interest expense as shown in our statements of cash flows, plus 50% of declared preferred share dividends as shown in our income statements.

(4)

Key performance indicators (KPIs) In addition to the non-GAAP financial measures described previously, 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. Wireless subscriber unit is comprised of an active revenue-generating unit (e.g. mobile device, tablet or wireless Internet products), with a unique identifier (typically International Mobile Equipment Identity (IMEI) number), that has access to our wireless networks. We report wireless subscriber units in two categories: postpaid and prepaid. Prepaid subscriber units are considered active for a period of 120 days following the expiry of the subscriber’s prepaid balance. Wireline subscriber unit consists of an active revenue-generating unit with access to our services, including Internet, satellite TV, IPTV, and/or 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. Internet, IPTV and satellite TV subscribers have access to stand-alone services, and are primarily represented by a dwelling unit NAS subscribers are based on a line count and are represented by a unique telephone number Average revenue per user (ARPU) or subscriber is a measure used to track our recurring revenue streams. Wireless blended ARPU is calculated by dividing certain service revenues by the average subscriber base for the specified period and is expressed as a dollar unit per month. Churn is the rate at which existing subscribers cancel their services. It is a measure of our ability to retain our customers. Wireless churn is calculated by dividing the number of deactivations during a given period by the average number of subscribers in the base for the specified period and is expressed as a percentage per month.

BCE Supplementary Financial Information - First Quarter 2017 Page 16