2014 ANNUAL GENERAL SHAREHOLDER MEETING

Cautionary statement concerning forward-looking statements

Certain statements made in the attached presentation, including, but not limited to, our 2014 financial guidance (including revenues, EBITDA, capital intensity, Adjusted EPS and free cash flow), our business outlook, objectives, plans and strategic priorities, BCE’s 2014 annualized common share dividend and common share dividend policy, our networks deployment plans, 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, both general and specific, 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 we caution you against relying on any of these forward-looking statements. For a description of such assumptions and risks, please consult BCE’s 2013 Annual MD&A, dated March 6, 2014, as updated in BCE’s 2014 First Quarter MD&A dated May 5, 2014, and BCE’s news release dated May 6, 2014 announcing its financial results for the first quarter of 2014, all filed with the Canadian provincial securities regulatory authorities (available at sedar.com) and with the U.S. Securities and Exchange Commission (available at sec.gov), and which are also available on BCE's website at BCE.ca.

The forward-looking statements contained in the attached presentation describe our expectations at May 6, 2014 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.

The terms “EBITDA”, “EBITDA margin”, “free cash flow”, “Adjusted net earnings” and “Adjusted EPS” are non-GAAP financial measures and do not have any standardized meaning under IFRS. Therefore, they are unlikely to be comparable to similar measures presented by other issuers. Refer to the section “Non-GAAP Financial Measures” in BCE’s 2014 First Quarter MD&A for more details.

SIIM VANASELJA Executive Vice-President and Chief Financial Officer

2013 financial summary Actual Target Result

Revenue growth 2.6% 2% - 4%

EBITDA growth 3.4% 3% - 5%

Capital Intensity 16.6% 16% - 17%

Adjusted EPS $2.99 $2.97 - $3.03

Free Cash Flow growth 5.9% 5% - 9%

Achieved all 2013 financial guidance targets

Financial targets for 2014 2014 Guidance Target

Revenue growth 2% - 4%

EBITDA growth 3% - 5%

Capital Intensity 16% - 17%

Adjusted EPS Growth

$3.10 - $3.20 4% - 7%

Free Cash Flow Growth

$2.65B - $2.75B 3% - 7%

Q1 2014 financial performance ($ Millions) Q1 2014 Y/Y Revenue Service Product

$4,538 $4,188

$350

4.4% 5.0%

(3.1%)

EBITDA $1,708 4.1%

EBITDA margin 37.6% (0.1 pts)

Adjusted net earnings $626 4.5%

Adjusted EPS $0.81 5.2%

Free Cash Flow $262 6.1%

Reconfirming 2014 targets with a solid start to the year in Q1

BCE’s capital markets model

Annual dividend yield: ~5%

Annual dividend growth: Payout policy 65% - 75% of Free Cash Flow

Capital investment in our business: ~$3.5 B in 2014

Deployment of FCF after dividends: ~$800 M for 2014

Optimizing BCE Total

Shareholder Return

Strong capital structure

• $3B of new issues in 2013

• Average debt term: 9.5 years

• Average after-tax cost of debt lowered to 3.5%

• $3B+ liquidity

• Easy access to capital

• $800M+ annual free cash flow after dividends

• Capital structure aligned to investment-grade ratings

• Significant debt capacity within current ratings

Attractive long-term debt maturity profile

Strong liquidity position

Strong credit ratings with stable outlook

Healthy balance sheet underpins execution of business plan, driving profitable growth and dividend growth

Strong track record of delivering dividend growth

• Raised common dividend 6% for 2014 to $2.47 per share

• Maintaining FCF payout at mid-point of 65% - 75% policy range

$1.46 $1.62

Q4 2008 Q4 2010

$1.83

Q4 2009

$2.07

Q4 2011

$2.27

Q4 2012 Q4 2013

$2.33

2014

$2.47

Annualized Common Dividend per Share

69%

Stable, consistent common share dividend increases

Comparative Total Shareholder Returns

13.6%

S&P/TSX Composite Index

S&P/TSX Telecom Index

13.0% 11.4%

141%

S&P/TSX Composite Index

S&P/TSX Telecom Index

76% 96%

1-Year Total Return (2013) 5-Year Total Return (2009-2013)

Market-leading and above industry Total Shareholder Returns for BCE

GEORGE COPE President and Chief Executive Officer

12

13

just totally different

Same company ... just totally different

Home Phone

Business Voice

TV Media Internet/Wireline Data

Wireless

7% 8% 12%

15% 25%

33%

Home Phone will generate just 7% of revenue in 2014

Canada’s largest communications company Customer connections: 21+ Million

Revenues: $20+ Billion

Enterprise value: $61 Billion

Nationwide team: 55,500

One of the most widely held stocks in Canada

Canada’s most recognized brands Bell Media

Conventional TV

Specialty and Pay TV

Radio Out of Home

Sports Bell Wireless

Bell Wireline

Ranked in the top 5 most valuable brands

Bell is the #1 telecom brand in Canada

Source: Brand Finance, February 2014

Strong history and commitment to Ottawa

$750 M Revenue

86% Fibe TV

capable homes

#1 TV and Radio

audience share

$150 M Invested in

Fibe network

$1.4 M+ Invested in

mental health

12 year Sens broadcast

agreement

Bell is Ottawa’s largest private sector employer

42 Retail

locations

6 Strategic Imperatives

6 Accelerate Wireless

2 Achieve a Competitive Cost Structure

3 Invest in Broadband Networks & Services

1 Improve Customer Service

4 Leverage Wireline Momentum

Our goal To be

recognized by customers

as Canada’s leading

communications company

5 Expand Media Leadership

Improve Customer Service

1

Bell in 2008 8 days to repair

Limited handsets

Closed Sundays, evenings and holidays

Fewer stores

Last in wireless market share

Poor customer satisfaction

Multiple brands

$600 Million invested in service

just got better

Bell today

Redesigned stores

3 new Canadian call centres in the last year

In-home installation Mobile self-serve

Bell service investments are paying off

98% On time for

service appointments (2013)

31 M Mobile self-serve customer visits

(2013)

41% Improvement in

Customer Experience Index (2010-2013 Forrester Research, Inc.)

40% Increase in mobility

customer satisfaction (2011-2013)

25% Reduction in

call centre volumes (2011-2013)

92% Rate Bell technicians

as excellent (2013)

Ongoing execution of our customer service imperative

Achieve a Competitive Cost Structure

2

Business challenge: Declining use of Home Phone ...

-$1.6 B

2007 2013

Voice Revenue

Requires disciplined focus on operational efficiency

Wireline EBITDA Margin – 2013

37.6%

29.2%

22.2%

$1.7 B

Cost savings

Productivity

Working capital improvement

Invest in Broadband Networks & Services

3

BCE leads in next-generation technologies

Data hosting centres

Fibe TV and Fibe Internet expansion

Nimiq 6 Satellite

LTE and HSPA+ Integrated Broadcast Management System

Invested more than $16 Billion in new technology in past 5 years

Canada’s largest 4G LTE and Wi-Fi network

• 98+% of Canadians have 4G

• Most LTE coverage ̶ 81%

• 4,000+ Wi-Fi locations

700 MHz spectrum takes LTE further

Wider network reach

Rural and northern

expansion

Strong in-building

connections

Ample spectrum to meet speed & capacity demands

Total Spectrum

3,791M MHz/POPs

700 MHz 480M MHz/POPs

2.3 GHz 2.5 GHz AWS PCS Cellular

2500 MHz 2100 MHz

1900 MHz 850 MHz

700 MHz

Leverage Wireline Momentum

4

New Fibe TV markets coming in 2014

Ottawa was Bell’s largest Fibe launch in 2013

Ontario Kingston Kitchener / Waterloo London St. Catharines / Niagara

Québec Joliette, Gatineau Sherbrooke Vaudreuil / Valleyfield

Fibe TV reaches 70% of homes in 2014 Fibe TV-ready locations

2011 2012 2014 2013

5 M

0.5

4.3M 3.3M

2 M

Fibe TV subscribers surpass 500,000 in Q1 2014

Fibe TV innovation driving growth

Fibe Remote app

Rated 4.5 out of 5

★★★★★

Wireless receiver

Best On Demand experience

IPTV is driving subscriber growth

2010 Q1 2014

2,156K

2,529K 724K

62K

* Cogeco, Eastlink (est.), Rogers and Videotron (est.)

Cable TV Subscribers*

Voice Revenue

BCE TV Subscribers IPTV

Non IPTV

+373K

2010 Q1 2014

-282K

BCE total TV subscribers have grown to more than 2.5 M in Q1 2014

95 of Canada’s top 100 companies powered by Bell

Retail

Government

Banks

Industry

Canada’s data hosting leader 25 data centres coast to coast

Data centre and cloud computing services are driving growth in Bell Business Markets

39

Expand Media Leadership

5

In the average week, we reach …

Unmatched choice for audiences across the country

22.8 million General viewers

14.5 million Sports viewers

11.6 million People

24.3 million Entertainment

viewers

17.4 million Radio

7.6 million News

viewers

13.4 million Online UV

(per month)

A leader in original Canadian programming

The Amazing Race Canada is the most-watched Canadian TV show on record

The leader in news

Taking TSN to the next level

More choice 1 2

3 4 5

Accelerate Wireless

6

Wireless market share Postpaid net adds share

13%

Bell 45% 42%

Bell 12%

52%

36%

2007 Q4 2013

Dramatic wireless growth

Apple iPhone 5S

Best devices and coverage Samsung Galaxy S5 HTC One M8 Apple iPad Mini

Google Nexus 5

Samsung Galaxy Note 3

Sony Xperia Z2

74% of Bell postpaid customers have smartphones

Undisputed Mobile TV leadership Superphones and tablets with 30 live TV channels.

Amazing Race Canada

MasterChef Canada

Orphan Black

1.33 Million Bell Mobile TV subscribers

RBC mobile payments with Bell

• Smartphone is the new wallet

• Tap and pay quickly, easily and securely

• Same security as plastic cards

All major banks expected to adopt technology in the next year

Canadian wireless leads the world

A leader in wireless capital investment

$92 $94

$41 $47 $38 $31

$65

$137

$44

Canadian incumbent carriers have invested $11 Billion of capital in wireless over last 5 years

Capex per Wireless Subscriber 2012-2013 Average

Source: Bank of America Merrill Lynch, Global Wireless Matrix April 2014.

Canada is a global leader in mobile speeds

60 55

44

30 29 28 25 23 22 21 17 16 15 13

9 8 8 7 6

Source: OECD Communications 2013.

Average Mobile Download Speeds (Mb/s)

Bell’s average monthly bills are lower than Verizon’s

$61.63 $57.90

Monthly Wireless Bills: Customer Average ($Cdn/month)

Q1 2014 average revenue per user

Affordable roaming rates • Reduced US roaming costs by

50% in September • Sign up when you arrive using

mobile self-serve app • Rates also reduced in the

Caribbean, Mexico, Europe, China, Australia and more

Just announced Japan!

Introduced Travel Passes for voice, text and data

An unmatched commitment to wireless growth • Billions invested every year

• World-leading wireless networks

• Competitive consumer pricing

• Fastest speeds

• National coverage

• Affordable roaming worldwide

Canada’s wireless industry rivals the best in the world

Bell Let’s Talk mental health initiative

A $67 Million program built on 4 action pillars

2 Care & Access

3 Workplace Health

4 Research

1 Anti-Stigma

Investment Canada-wide

Bell Let’s Talk Day keeps growing

2011 66 million

calls and texts

$3.3 million for mental

health

2012 79 million calls, texts and tweets

$3.9 million for mental

health

2013 96 million calls, texts,

tweets and shares

$4.8 million for mental

health

2014 110 million calls, texts,

tweets and shares

$5.5 million for mental health

START March 14 Toronto

Inuvik May 6 5,116 kms

St. Thomas Chatham

Windsor Sarnia

Kitchener Whitby

Gananoque

Sherbrooke

Saint John

Moncton

Halifax

Hamilton London

Peterborough

Cornwall

Montréal Québec City

Les Escoumins

Rimouski

Edmundston

Fredericton

Summerside

Charlottetown

New Glasgow Port Hawkesbury

Channel-Port aux Basques

Stephenville

Trois- Rivières

Saguenay

Matane

Truro

Corner Brook

Woodstock

Springdale

Grand Falls-Windsor

Gander

Clarenville

Bay Roberts

St. John’s

Hopedale Nain

Happy Valley-Goose Bay

Kuujjuaq

Iqaluit

Yellowknife

Oshawa Kingston

Les Bergeronnes

Baie -Comeau

Rankin Inlet

Victoria

Nanaimo

Vancouver

Hope

Merritt

Kelowna

Grand Forks

Nelson Creston

Cranbrook

Crowsnest Pass

Claresholm

Calgary

Edmonton

Vegreville

Lloydminster

Saskatchewan

Regina Osoyoos

Red Deer North

Battleford

Moose Jaw Weyburn

Brandon Winnipeg Dryden

Carlyle

Kenora

Upsala

Terrace Bay

Sault Ste. Marie

Blind River

Marathon

Wawa

Sudbury

Deep River

Arnprior

Thunder Bay

North Bay

Fort McPherson

Eagle Plains Engineer Creek Tombstone Mountain

Dawson City

Whitehorse

END July 1 Ottawa 12,000 kms

2014 ANNUAL GENERAL SHAREHOLDER MEETING