<SEC-DOCUMENT>0000718940-16-000036.txt : 20160204
<SEC-HEADER>0000718940-16-000036.hdr.sgml : 20160204
<ACCEPTANCE-DATETIME>20160204072219
ACCESSION NUMBER:		0000718940-16-000036
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20160204
FILED AS OF DATE:		20160204
DATE AS OF CHANGE:		20160204

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BCE INC
		CENTRAL INDEX KEY:			0000718940
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08481
		FILM NUMBER:		161386814

	BUSINESS ADDRESS:	
		STREET 1:		1 CARREFOUR ALEXANDER-GRAHAM-BELL
		CITY:			VERDUN
		STATE:			A8
		ZIP:			H3E 3B3
		BUSINESS PHONE:		514-786-3891

	MAIL ADDRESS:	
		STREET 1:		1 CARREFOUR ALEXANDER-GRAHAM-BELL
		CITY:			VERDUN
		STATE:			A8
		ZIP:			H3E 3B3

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BELL CANADA ENTERPRISES INC
		DATE OF NAME CHANGE:	19880111
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>6ksh_q415.htm
<DESCRIPTION>FORM 6K
<TEXT>

<HTML>
<HEAD>
   <TITLE>Form 6K</TITLE>
   <meta equiv="Content-Type" content="text/html; charset=windows-1252">
</HEAD>

<BODY bgcolor="#ffffff">




<P align="center">
<B>SECURITIES AND EXCHANGE COMMISSION <br>
WASHINGTON, D.C. 20549</B></P>
<P align="center">
<B>FORM 6-K</B></P>
<P align="center">
<B>REPORT OF FOREIGN PRIVATE ISSUER</B></P>
<P align="center">
<font size="2">Pursuant to Rule 13a-16 or 15d-16 under <br>
the Securities Exchange Act of 1934</font></P>

<div align="center">

<TABLE border=0 style="width:75%; border-collapse:collapse" cellpadding="0">
<TR valign="bottom">
	<TD align=left width="50%">
<p align="center"><font size="2">For the month of: </font> <B><font size="2">February 2016</font></B></TD>
	<TD align=left width=50%>
<p align="center"><font size="2">Commission File Number: </font> <B>
<font size="2">1-8481</font></B></TD>
</TR>
</TABLE>

</div>
<P align="center">
<B><font size="2">BCE Inc.</font></B><I><font size="2"><br>
(Translation of Registrant&#146;s name into English)</font></I></P>
<P align="center">
<B><I><font size="2">1, carrefour Alexander-Graham-Bell, Verdun, Qu&#233;bec, Canada H3E 3B3
<br>
(514) 870-8777</font></I></B><I><font size="2"><br>
(Address of principal executive offices)</font></I></P>
<P>
<font size="2">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</font></P>
<div align="center">

<TABLE border=0 style="width:75%; border-collapse:collapse" cellpadding="0">
<TR valign="bottom">
	<TD align=left width="50%">
<p align="center"><font size="2">Form 20-F [ ]</font></TD>
	<TD align=left width=50%>
<P align="center">
<font size="2">Form 40-F [X]</font></P></TD>
</TR>
</TABLE>

</div>
<P>
<font size="2">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): _____</font></P>
<P>
<font size="2">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): _____</font></P>
<P>
<font size="2">Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.</font></P>
<div align="center">

<TABLE border=0 style="width:75%; border-collapse:collapse" cellpadding="0">
<TR valign="bottom">
	<TD align=left width="50%">
<p align="center"><font size="2">Yes [ ]</font></TD>
	<TD align=left width=50%>
<p align="center"><font size="2">No [X]</font></TD>
</TR>
</TABLE>

</div>
<P>
<font size="2">If &#147;Yes&#148; is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- _____.</font></P>
<P>
&nbsp;</P>
<P>
<font size="2">Notwithstanding any reference to BCE Inc.&#146;s Web site on the World Wide Web in the document attached hereto, the information contained in BCE Inc.&#146;s site or any other site on the World Wide Web referred to in BCE Inc.&#146;s site is not a part of this Form 6-K and, therefore, is not furnished to the Securities and Exchange Commission.</font></P>


<HR noshade size=1 color="#000000">





<P align="center">
<B>SIGNATURE</B></P>
<P>
<font size="2">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</font></P>
<div align="right">
	<table border="0" width="50%" cellpadding="0" style="border-collapse: collapse">
		<tr>
			<td style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><font size="2">BCE Inc.</font></B><P>
<I><font size="2">(signed) Glen LeBlanc</font></I></P></td>
		</tr>
		<tr>
			<td><font size="2">Glen LeBlanc<BR>
Executive Vice-President and Chief
Financial Officer</font><p><font size="2">Date: February 4, 2016</font></td>
		</tr>
	</table>
</div>
<P>
&nbsp;</P>


<HR noshade size=1 color="#000000">





<P align="center">
<B>EXHIBIT INDEX</B></P>
<P>
<font size="2">99.1&nbsp;&nbsp; Safe Harbour Notice Concerning Forward-Looking Statements</font></P>



</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>safeharbour_q415.htm
<DESCRIPTION>SAFE HARBOUR NOTICE CONCERNING FORWARD-LOOKING STATEMENTS
<TEXT>

<HTML>
<HEAD>
   <TITLE>Safe Harbour Notice Concerning Forward-Looking Statements</TITLE>
   <meta equiv="Content-Type" content="text/html; charset=windows-1252">
</HEAD>

<BODY bgcolor="#ffffff">




<P align="right">
<font size="2">Exhibit 99.1</font></P>
<P align="right">
&nbsp;</P>
<P align="center">
<img border="0" src="bce_logo.jpg" width="174" height="86"></P>
<P align="center">
&nbsp;</P>
<P align="center">
<B><font size="4">BCE INC.</font></B></P>
<P align="center">
<B><font size="4">Safe Harbour Notice Concerning <br>
Forward-Looking Statements</font></B></P>
<P align="center">
&nbsp;</P>
<P align="center">
&nbsp;</P>
<P align="center">
<B><font size="4">February 4, 2016</font></B></P>
<P>
&nbsp;</P>


<HR noshade size=1 color="#000000">





<P align="center">
<B><font size="4">Safe Harbour Notice Concerning Forward-Looking Statements</font></B></P>
<P>
<font size="2">In this document, <I>we</I>, <I>us</I>, <I>our </I>and <I>BCE </I>mean, as the context may require, either BCE Inc. or, collectively, BCE Inc., its subsidiaries, joint arrangements and associates.</font></P>
<P>
<font size="2">Certain statements made in the presentation entitled &#147;Q4 2015 Results and 2016 Financial Guidance Call&#148;, dated February 4, 2016, and certain oral statements made by our senior management during BCE&#146;s 2016 financial guidance call held on February 4, 2016 (BCE&#146;s 2016 Financial Guidance Call) are forward-looking statements. These forward-looking statements include, but are not limited to, statements relating to BCE&#146;s financial guidance (including revenues, Adjusted EBITDA, Capital Intensity, Adjusted EPS and Free Cash Flow)<SUP>1</SUP>, our expected 2016 pension cash funding, BCE&#146;s 2016 annualized common share dividend, common share dividend policy and financial policy targets, BCE&#146;s 2016 capital markets objectives, our targeted capital expenditures, our network deployment plans, BCE&#146;s business outlook, objectives, plans and strategic priorities, and other statements that are not historical facts. A statement we make is forward-looking when it uses what we know and expect today to make a statement about the future. Forward-looking statements are typically identified by the words</font><I><font size="2"> &#147;assumption&#148;, &#147;goal&#148;, &#147;guidance&#148;, &#147;objective&#148;, &#147;outlook&#148;, &#147;project&#148;, &#147;strategy&#148;, &#147;target&#148;
</font> </I><font size="2">and other similar expressions or future or conditional verbs such as &#147;<I>aim</I>&#148;, &#147;<I>anticipate</I>&#148;, &#147;<I>believe</I>&#148;, &#147;<I>could</I>&#148;, &#147;<I>expect</I>&#148;, &#147;<I>intend</I>&#148;, &#147;<I>may</I>&#148;, &#147;<I>plan</I>&#148;, &#147;<I>seek</I>&#148;, &#147;<I>should</I>&#148;, &#147;<I>strive</I>&#148; and &#147;<I>will</I>&#148;. All such forward-looking statements are made pursuant to the &#145;safe harbour&#146; provisions of applicable Canadian securities laws and of the United States <I>Private Securities Litigation Reform Act of 1995</I>.</font></P>
<P>
<font size="2">The forward-looking statements made in the presentation entitled &#147;Q4 2015 Results and 2016 Financial Guidance Call&#148;, or made orally during BCE&#146;s 2016 Financial Guidance Call, are made as of February 4, 2016 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, whether as a result of new information, future events or otherwise. 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 could differ materially from our expectations expressed in, or implied by, such forward-looking statements and that our financial guidance, business outlook, objectives, plans and strategic priorities may not be achieved. 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. Refer to Section B entitled <I>Material Assumptions </I>for a description of the principal assumptions underlying the above-mentioned forward-looking statements and other forward-looking statements made in the presentation entitled &#147;Q4 2015 Results and 2016 Financial Guidance Call&#148; and made orally during BCE&#146;s 2016 Financial Guidance Call held on February 4, 2016. We believe that these assumptions were reasonable at February 4, 2016. Refer to Section C entitled <I>Business Risks </I>for a description of the principal known risks that could cause actual results or events to differ materially from our expectations expressed in, or implied by, the above-mentioned forward-looking statements and other forward-looking statements made in the presentation entitled &#147;Q4 2015 Results and 2016 Financial Guidance Call&#148; and made orally during BCE&#146;s 2016 Financial Guidance Call. The</font></P>
<P>
&nbsp;</P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="25%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">&nbsp;</td>
		<td width="25%">&nbsp;</td>
		<td width="25%">&nbsp;</td>
		<td width="25%">&nbsp;</td>
	</tr>
	<tr>
		<td width="100%" colspan="4">
<SUP><font size="1">1 </font> </SUP><font size="1">Refer to footnotes 2 to 5 in
		Section A entitled <I>Forward-Looking Statements </I>for a definition
		of, and other information concerning, Adjusted EBITDA, Capital
		Intensity, Adjusted EPS and Free Cash Flow.</font></td>
	</tr>
</table>
<P>
&nbsp;</P>
<P align="right" style="margin-bottom: 0">
<font size="2">i</font></P>


<HR noshade size=1 color="#000000">





<P>
&nbsp;</P>
<P>
<font size="2">value of capital expenditures targeted to be made by the end of 2020 assumes that capital investments will continue at current levels. However, there can be no assurance that such investment levels will be maintained with the result that the actual value of capital expenditures made by BCE during such period could materially differ from current targets.</font></P>
<P>
<font size="2">Except as otherwise indicated by BCE, the forward-looking statements made in the presentation entitled &#147;Q4 2015 Results and 2016 Financial Guidance Call&#148;, or made orally during BCE&#146;s 2016 Financial Guidance Call, do not reflect the potential impact of any special items or of any dispositions, monetizations, mergers, acquisitions, other business combinations or other transactions that may be announced or that may occur after the date hereof. The financial impact of these transactions and special items can be complex and depends on the facts particular to each of them. We therefore cannot describe the expected impact in a meaningful way or in the same way we present known risks affecting our business. Forward-looking statements made in the presentation entitled &#147;Q4 2015 Results and 2016 Financial Guidance Call&#148;, or made orally during BCE&#146;s 2016 Financial Guidance Call are presented for the purpose of assisting investors and others in understanding certain key elements of our expected financial results and our objectives, strategic priorities and business outlook, as well as our anticipated operating environment. Readers are cautioned, however, that such information may not be appropriate for other purposes.</font></P>
<P>
&nbsp;</P>


<P align="right" style="margin-bottom: 0">
<font size="2">ii</font></P>


<HR noshade size=1 color="#000000">





<P>
&nbsp;</P>





<P align="center">
<B>TABLE OF CONTENTS</B></P>

<div align="center">

<TABLE border=0 style="width:70%; border-collapse:collapse" cellpadding="0">
<TR valign="bottom">
	<TD align=left width=83% colspan=2>
<B><font size="2">A. FORWARD-LOOKING STATEMENTS</font></B></TD>
	<TD align=right width=15%>
<B><font size="2">2</font></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=83% colspan=2>
<B><font size="2">B. MATERIAL ASSUMPTIONS</font></B></TD>
	<TD align=right width=15%>
<B><font size="2">3</font></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=83% colspan=2>
<B><font size="2">C. BUSINESS RISKS</font></B></TD>
	<TD align=right width=15%>
<B><font size="2">6</font></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="5%">
<font size="2">I.</font></TD>
	<TD align=left width=77%>
<font size="2">PRINCIPAL CONSOLIDATED BUSINESS RISKS</font></TD>
	<TD align=right width=15%>
<font size="2">7</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="5%">
<font size="2">II.</font></TD>
	<TD align=left width=77%>
<font size="2">PRINCIPAL SEGMENTED BUSINESS RISKS</font></TD>
	<TD align=right width=15%>
<font size="2">9</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="5%">
<font size="2">III.</font></TD>
	<TD align=left width=77%>
<font size="2">RISKS RELATING TO OUR REGULATORY ENVIRONMENT</font></TD>
	<TD align=right width=15%>
<font size="2">11</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="5%">
<font size="2">IV.</font></TD>
	<TD align=left width=77%>
<font size="2">OTHER PRINCIPAL BUSINESS RISKS</font></TD>
	<TD align=right width=15%>
<font size="2">18</font></TD>
</TR>
</TABLE>

</div>

<P style="MARGIN:0px">&nbsp;</P>
<P>
<font size="2">Sections A, B and C of this Safe Harbour Notice Concerning Forward-Looking Statements (Safe Harbour Notice) contain, respectively, a description of:</font></P>
<UL>
<LI>
<font size="2">the principal forward-looking statements relating to BCE&#146;s financial guidance contained in the presentation entitled &#147;Q4 2015 Results and 2016 Financial Guidance Call&#148;</font></LI>
<LI>
<font size="2">the principal assumptions made by BCE in developing its 2016
forward-looking statements set out in the presentation entitled &#147;Q4 2015 Results
and 2016 Financial Guidance Call&#148;, or made orally during BCE&#146;s 2016 Financial
Guidance Call</font></LI>
<LI>
<font size="2">the principal known risks that could cause our assumptions and
estimates to be inaccurate and actual results or events to differ materially
from our current expectations expressed in, or implied by, our principal
forward-looking statements set out in the presentation entitled &#147;Q4 2015 Results
and 2016 Financial Guidance Call&#148;, or made orally during BCE&#146;s 2016 Financial
Guidance Call</font></LI>
</UL>


<p></p>


<P align="right" style="margin-bottom: 0">
<font size="2">1</font></P>


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<P>
&nbsp;</P>





<P align="center">
<B>A. FORWARD-LOOKING STATEMENTS</B></P>
<P>
<font size="2">This section outlines the principal elements of the financial guidance provided by BCE for 2016.</font></P>

<div align="left">

<TABLE border=0 style="width:80%; border-collapse:collapse" cellpadding="0">
<TR valign="bottom">
	<TD align=left width="50%">
<B><U><font size="2">BCE</font></U></B></TD>
	<TD align=left width="50%">
<B><U><font size="2">Guidance for 2016</font></U></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<font size="2">Revenue growth</font></TD>
	<TD align=left width="50%">
<font size="2">1% - 3%</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<font size="2">Adjusted EBITDA<font size="-2"><SUP>2</SUP></font> growth</font></TD>
	<TD align=left width="50%">
<font size="2">2% - 4%</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<font size="2">Capital Intensity</font><font size="-2"><SUP>3</SUP></font></TD>
	<TD align=left width="50%">
<font size="2">~17%</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<font size="2">Adjusted net earnings per common share (Adjusted EPS)</font><font size="-2"><SUP>4</SUP></font></TD>
	<TD align=left width="50%">
<font size="2">&#36;3.45 - &#36;3.55</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<font size="2">Adjusted EPS growth</font></TD>
	<TD align=left width="50%">
<font size="2">~3% - 6%</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<font size="2">Free Cash Flow</font><font size="-2"><SUP>5</SUP></font></TD>
	<TD align=left width="50%">
<font size="2">&#36;3,125 million - &#36;3,350 million</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<font size="2">Free Cash Flow growth</font></TD>
	<TD align=left width="50%">
<font size="2">~4% - 12%</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<font size="2">Annualized common share dividend</font><font size="-2"><SUP>6</SUP></font></TD>
	<TD align=left width="50%">
<font size="2">&#36;2.73 per share</font><font size="-2"><SUP>7</SUP></font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<font size="2">Dividend Payout Policy</font></TD>
	<TD align=left width="50%">
<font size="2">65% - 75% of Free Cash Flow</font></TD>
</TR>
</TABLE>

</div>

<P style="MARGIN:0px">&nbsp;</P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="25%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">&nbsp;</td>
		<td width="25%">&nbsp;</td>
		<td width="25%">&nbsp;</td>
		<td width="25%">&nbsp;</td>
	</tr>
	<tr>
		<td width="100%" colspan="4">
		<P style="margin-bottom: 4px">
<SUP><font size="1">2 </font> </SUP><font size="1">The term Adjusted EBITDA does not have any standardized meaning under International Financial Reporting Standards (IFRS).
Therefore, it is unlikely to be comparable to similar measures presented by other issuers. We define Adjusted EBITDA as operating revenues less operating costs, as shown in BCE&#146;s consolidated income statements. We use Adjusted EBITDA to evaluate the performance of our businesses as it reflects their ongoing profitability. We believe that certain investors and analysts use Adjusted EBITDA to measure a company&#146;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 to evaluate the performance of our businesses. Adjusted EBITDA
is also one component in the determination of short-term incentive compensation for all management employees. Adjusted EBITDA has no directly comparable IFRS financial measure.</font></P>
		</td>
	</tr>
	<tr>
		<td width="100%" colspan="4">
<P style="margin-bottom: 4px">
<SUP><font size="1">3 </font> </SUP><font size="1">Capital Intensity means capital expenditures divided by operating revenues.</font></P>
		</td>
	</tr>
	<tr>
		<td width="100%" colspan="4">
		<p style="margin-bottom: 4px">
<SUP><font size="1">4 </font> </SUP><font size="1">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 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 (gains) losses on investments and early debt redemption costs, net of tax and non-controlling interest (NCI). 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.</font></td>
	</tr>
	<tr>
		<td width="100%" colspan="4">
		<p style="margin-bottom: 4px">
<SUP><font size="1">5 </font> </SUP><font size="1">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 NCI. As of November 1, 2014, BCE&#146;s Free Cash Flow includes 100% of Bell Aliant&#146;s free cash flow rather than cash dividends received from Bell Aliant. Prior to November 1, 2014, we defined Free Cash Flow as cash flows from operating activities, excluding acquisition and other costs paid (which include significant litigation costs) and voluntary pension funding, plus dividends received from Bell Aliant, less capital expenditures, preferred share dividends, dividends paid by subsidiaries to
NCI and Bell Aliant free cash flow. 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. We believe that certain investors and analysts also use Free Cash Flow to evaluate the financial strength and performance of our businesses. The most comparable IFRS financial measure is cash flows from operating activities. Until December 31, 2014, &#147;Bell Aliant&#148; means Bell Aliant Inc. and after such date and up to, and including, June 30, 2015, means Bell Aliant Regional Communications Inc.</font></td>
	</tr>
	<tr>
		<td width="100%" colspan="4">
		<p style="margin-bottom: 4px">
<SUP><font size="1">6 </font> </SUP><font size="1">Subject to dividends being declared by the board of directors of BCE.</font></td>
	</tr>
	<tr>
		<td width="100%" colspan="4">
<P style="margin-bottom: 4px">
<SUP><font size="1">7 </font> </SUP><font size="1">Consistent with BCE&#146;s common share dividend policy.</font></P>
		</td>
	</tr>
</table>
<P>
&nbsp;</P>
<P align="right" style="margin-bottom: 0">
<font size="2">2</font></P>


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<P>
&nbsp;</P>





<P align="center">
<B>B. MATERIAL ASSUMPTIONS</B></P>
<P>
<font size="2">A number of assumptions were made by BCE in preparing forward-looking statements for 2016, including the material assumptions outlined in this section. The reader should note that assumptions made in the preparation of forward-looking statements, although considered reasonable by BCE at the time of preparation of such forward-looking statements, may prove to be inaccurate. Accordingly, our actual results could differ materially from our expectations expressed in, or implied by, our forward-looking statements.</font></P>
<P>
<B>Economic Assumptions</B></P>
<P>
<font size="2">Our 2016 forward-looking statements are based on certain assumptions concerning the Canadian economy. In particular, we have assumed:</font></P>
<UL>
<LI>
<font size="2">gradual strengthening of the economy driven by activity in the non-resource sector, given the Bank of Canada&#146;s most recent estimated growth in Canadian gross domestic product of 1.4% in 2016, compared to 1.2% in 2015</font></LI>
<LI>
<font size="2">sustained weak employment growth, as the overall level of business investment is expected to remain soft</font></LI>
<LI>
<font size="2">interest rates to remain relatively stable through 2016</font></LI>
<LI>
<font size="2">Canadian dollar to remain at near current level, with any further movements impacted by the degree of strength of the U.S. dollar and changes in commodity prices</font></LI>
</UL>
<P>
<B>Market Assumptions</B></P>
<P>
<font size="2">Our 2016 forward-looking statements also reflect various Canadian market assumptions. In particular, we have made the following market assumptions:</font></P>
<UL>
<LI>
<font size="2">a sustained level of wireline and wireless competition in both consumer and business markets</font></LI>
<LI>
<font size="2">higher, but slowing, wireless industry penetration and smartphone adoption</font></LI>
<LI>
<font size="2">industry pricing discipline maintained on a higher expected number of
wireless subscribers with expired contracts resulting from the expiry of two or three
-year service contracts due to the mandatory code of conduct for providers of retail mobile wireless voice and data services in Canada (the Wireless Code) implemented in 2013</font></LI>
<LI>
<font size="2">a relatively stable media advertising market and escalating costs to secure television (TV) programming</font></LI>
</UL>
<P>
<B>Operational and Financial Assumptions</B></P>
<P>
<font size="2">Our 2016 forward-looking statements are also based on various internal operational and financial assumptions.</font></P>


<P align="right" style="margin-bottom: 0">
<font size="2">3</font></P>


<HR noshade size=1 color="#000000">





<P>
&nbsp;</P>





<P>
<B><I>Operational Assumptions</I></B></P>
<P>
<font size="2">We have made the following internal operational assumptions with respect to our Bell Wireless, Bell Wireline and Bell Media segments for 2016:</font></P>
<P>
<I>Bell Wireless</I></P>
<UL>
<LI>
<font size="2">maintain our market share momentum of incumbent wireless postpaid subscriber activations</font></LI>
<LI>
<font size="2">continued adoption of smartphone devices, tablets and data applications, as well as the introduction of more fourth-generation (4G) long-term evolution (LTE) devices and new data services</font></LI>
<LI>
<font size="2">earlier expiries under two-year contracts, compared to three-year contracts, leading to an increase in the number of subscribers who are eligible for upgrades</font></LI>
<LI>
<font size="2">higher subscriber acquisition and retention spending, driven by higher handset costs as well as more customer device upgrades reflecting a higher number of off-contract subscribers due to earlier expiries under two-year contracts</font></LI>
<LI>
<font size="2">higher blended average revenue per user (ARPU), driven by a higher postpaid smartphone mix, increased data consumption on 4G LTE and LTE Advanced networks, and higher access rates from price increases</font></LI>
<LI>
<font size="2">completion of the LTE network build to 98% of the Canadian population and expansion of the LTE Advanced network coverage to approximately 75% of the Canadian population</font></LI>
<LI>
<font size="2">ability to monetize increasing data usage and customer subscriptions to new data services</font></LI>
<LI>
<font size="2">ongoing technological improvements by handset manufacturers and from faster data network speeds that allow customers to optimize the use of our services</font></LI>
<LI>
<font size="2">no material financial, operational or competitive consequences of changes in regulations affecting our wireless business</font></LI>
</UL>
<P>
<I>Bell Wireline</I></P>
<UL>
<LI>
<font size="2">positive full-year Adjusted EBITDA growth</font></LI>
<LI>
<font size="2">positive full-year residential net customer additions within our wireline footprint, driven by continued Internet protocol television (IPTV) growth and an expanded fibre-to-the-premise (FTTP) network that support the pull-through of fibre-based Internet service and residential network access services (NAS), resulting in higher penetration of three-product households</font></LI>
<LI>
<font size="2">increasing wireless and Internet-based technological substitution</font></LI>
<LI>
<font size="2">residential services household ARPU growth from increased penetration of three-product households, promotion expiries and price increases</font></LI>
</UL>


<P align="right" style="margin-bottom: 0">
<font size="2">4</font></P>


<HR noshade size=1 color="#000000">





<P>
&nbsp;</P>





<UL>
<LI>
<font size="2">aggressive residential service bundle offers from cable TV competitors in our local wireline areas</font></LI>
<LI>
<font size="2">continued large business customer migration to Internet protocol
(IP)-based systems</font></LI>
<LI>
<font size="2">ongoing competitive reprice pressures in our business and wholesale markets</font></LI>
<LI>
<font size="2">continued competitive intensity in our small and mid-sized business units as cable operators and other telecom competitors continue to intensify their focus on business customers</font></LI>
<LI>
<font size="2">growing consumption of over-the-top (OTT) TV services and on-demand streaming video, projected growth in TV Everywhere as well as the proliferation of devices, such as tablets, that consume vast quantities of bandwidth, will require considerable ongoing capital investment</font></LI>
<LI>
<font size="2">limited downsizing of current TV packages by customers as a result of the implementation of TV unbundling</font></LI>
<LI>
<font size="2">no material financial, operational or competitive consequences of changes in regulations affecting our wireline business</font></LI>
</UL>
<P>
<I>Bell Media</I></P>
<UL>
<LI>
<font size="2">positive full-year Adjusted EBITDA growth and margin improvement, driven by CraveTV growth, national expansion of our The Movie Network pay TV service, and labour savings from workforce reductions in 2015, more than offsetting higher TV programming and sports rights costs, continued CraveTV investment and the financial impact of TV unbundling</font></LI>
<LI>
<font size="2">continued scaling of CraveTV, including the successful
direct-to-consumer launch</font></LI>
<LI>
<font size="2">ability to successfully acquire highly rated programming and differentiated content</font></LI>
<LI>
<font size="2">building and maintaining strategic supply arrangements for content on all four screens</font></LI>
<LI>
<font size="2">TV unbundling and growth in OTT viewing expected to result in moderately lower subscriber levels for many Bell Media TV properties</font></LI>
<LI>
<font size="2">no material financial, operational or competitive consequences of changes in regulations affecting our media business</font></LI>
</UL>
<P>
<B><I>Financial Assumptions</I></B></P>
<P>
<font size="2">We have made the following internal financial assumptions with respect to BCE for 2016:</font></P>
<UL>
<LI>
<font size="2">total post-employment benefit plans cost to be approximately &#36;300 million to &#36;350 million, based on an estimated accounting discount rate of 4.2%, comprised of an estimated above Adjusted EBITDA post-employment benefit plans service cost of approximately &#36;230
million to $270 million and an estimated below Adjusted EBITDA net
post-employment benefit plans financing cost of approximately $70 million to $80
million</font></LI>
</UL>


<P align="right" style="margin-bottom: 0">
<font size="2">5</font></P>


<HR noshade size=1 color="#000000">





<P>
&nbsp;</P>





<UL>
<LI>
<font size="2">depreciation and amortization expense of approximately &#36;3,525 million to &#36;3,575 million</font></LI>
<LI>
<font size="2">net interest expense of approximately &#36;875 million to &#36;925 million</font></LI>
<LI>
<font size="2">tax adjustments (per share) of approximately &#36;0.05</font></LI>
<LI>
<font size="2">an effective tax rate of approximately 26%</font></LI>
<LI>
<font size="2">NCI of approximately &#36;40 million to &#36;60 million</font></LI>
<LI>
<font size="2">total pension plan cash funding of approximately &#36;400 million to &#36;450 million</font></LI>
<LI>
<font size="2">cash taxes of approximately &#36;675 million to &#36;725 million</font></LI>
<LI>
<font size="2">net interest payments of approximately &#36;875 million to &#36;925 million</font></LI>
<LI>
<font size="2">other Free Cash Flow items, which include working capital
changes, severance and other costs paid, preferred share dividends and NCI paid,
of approximately $(50) million to $25 million</font></LI>
<LI>
<font size="2">average BCE common shares outstanding of approximately 870 million</font></LI>
<LI>
<font size="2">an annual common share dividend of &#36;2.73 per share</font></LI>
</UL>
<P align="center">
<B>C. BUSINESS RISKS</B></P>
<P>
<font size="2">This section describes the principal known risks that could have a material adverse effect on our financial position, financial performance, cash flows, business or reputation. These risks could cause our assumptions and estimates to be inaccurate and cause actual results or events to differ materially from our expectations expressed in, or implied by, our forward-looking statements, including our financial guidance and business outlook disclosed on February 4, 2016 during BCE&#146;s 2016 Financial Guidance Call. Since the realization of our forward-looking statements, including our ability to meet our financial guidance, essentially depends on our business performance which, in turn, is subject to many risks including, without limitation, regulatory, competitive, technological, economic, financial and other risks, the reader is cautioned that all risks described in this Safe Harbour Notice could have a material adverse impact on our forward-looking statements.</font></P>
<P>
<font size="2">A risk is the possibility that an event might happen in the future that could have a negative effect on our financial position, financial performance, cash flows, business or reputation. The actual effect of any event on our financial position, financial performance, cash flows, business or reputation could be materially different from what we currently anticipate. In addition, our description of risks does not include all possible risks. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also materially and adversely affect our financial position, financial performance, cash flows, business or reputation.</font></P>


<P align="right" style="margin-bottom: 0">
<font size="2">6</font></P>


<HR noshade size=1 color="#000000">





<P>
&nbsp;</P>





<P>
<B>I. PRINCIPAL CONSOLIDATED BUSINESS RISKS</B></P>
<P>
<font size="2">Provided below is a summary description of certain of our principal business risks that could have a material adverse effect on all of our segments. Certain additional business segment-specific risks are reported in Section C. II, <I>Principal Segmented Business Risks</I>. For a detailed description of the
principal risks relating to our regulatory environment and a description of the other principal
business risks that could have a material adverse effect on our financial position, financial performance, cash flows, business or reputation, refer to Section C. III, <I>Risks Relating
to our Regulatory Environment </I>and Section C.IV, <I>Other Principal Business Risks</I>, respectively, in this Safe Harbour Notice.</font></P>
<P>
<B>1. Regulatory Environment</B></P>
<P>
<font size="2">Although most of our retail services are not price-regulated, government agencies and departments such as the Canadian Radio-television and Telecommunications Commission (CRTC), Innovation, Science and Economic Development Canada (ISED) (previously called Industry Canada), Canadian Heritage and the Competition Bureau continue to play a significant role in regulatory matters such as mandatory access to networks, net neutrality, spectrum auctions, approval of acquisitions, broadcast licensing and foreign ownership requirements. Adverse decisions by regulatory agencies or increased regulation could have negative financial, operational, reputational or competitive consequences for our business. For a discussion of our regulatory environment and principal risks related thereto, refer to Section C. III,
</font> <I><font size="2">Risks Relating to our Regulatory Environment.</font></I></P>
<P>
<B>2. Competitive Environment</B></P>
<P>
<font size="2">As the scope of our businesses increases and evolving technologies drive new services, new delivery models and creative strategic partnerships, our competitive landscape expands to include new and emerging competitors, certain of which were historically our partners or suppliers, as well as other global scale competitors including, in particular, OTT TV service and Voice over Internet Protocol (VoIP) providers. Pricing and investment decisions of market participants are based on many factors such as strategy, market position, technology evolution, customer confidence and economic climate, and collectively these could adversely affect our market shares, service volumes and pricing strategies and, consequently, our financial results. Technology substitution and IP networks, in particular, continue to reduce barriers to entry in our industry. This has allowed competitors to launch new products and services and gain market share with far less investment in financial, marketing, personnel, technological and network resources than has historically been required. In particular, some competitors sell their services through the use of our networks, without the need to invest to build their own networks. Such lower necessary investment has enabled some competitors to be very disruptive in their pricing. We expect these trends to continue in the future, which could negatively impact our business including, without limitation, in the following ways:</font></P>
<UL>
<LI>
<font size="2">Competitors&#146; aggressive market offers could result in pricing pressures and increased costs of customer acquisition and retention while higher Canadian wireless penetration could slow opportunities for new customer acquisition</font></LI>
<LI>
<font size="2">Product substitutions and spending rationalization by business customers could result in an acceleration of NAS erosion beyond our current expectations</font></LI>
</UL>


<p align="right" style="margin-bottom: 0"><font size="2">7</font></p>


<HR noshade size=1 color="#000000">





<P>
&nbsp;</P>





<UL>
<LI>
<font size="2">A fundamental separation of content and connectivity is emerging, allowing the expansion and market penetration of low-cost OTT TV providers and other alternative service providers, which is changing our TV and media ecosystems and could affect our business negatively</font></LI>
<LI>
<font size="2">The increasing dependence on Internet applications (Apps) for content delivery, sales, customer engagement and service experience drives the need for new and scarce capabilities (sourced internally or externally), which may not be available, as well as the need for associated operating processes integrated into on-going operations</font></LI>
<LI>
<font size="2">Competition with global competitors, such as Netflix, in addition to traditional Canadian competitors, for programming content could drive significant increases in content acquisition costs while other global scale entities such as Google disrupt local market dynamics as a result of innovative global market explorations</font></LI>
<LI>
<font size="2">Adverse economic conditions, such as economic downturns or recessions, adverse conditions in the financial markets, or a declining level of retail and commercial activity, could have a negative impact on the demand for, and prices of, our wireline, wireless and media products and services as well as drive an increase in bad debts as the creditworthiness of some customers declines</font></LI>
<LI>
<font size="2">The continued market expansion of VoIP service providers and traditional software players delivering low-cost voice line alternatives, which is changing our approach to service offers and pricing, could have an adverse effect on our business</font></LI>
<LI>
<font size="2">Foreign competitors could enter the Canadian market and leverage their global scale advantage</font></LI>
<LI>
<font size="2">Our changing competitive landscape could also result in challenges in optimizing the benefit of creative strategic partnerships such as Glentel Inc., Maple Leaf Sports &amp; Entertainment Ltd. and Q9 Networks Inc. in executing against our strategic imperatives</font></LI>
</UL>
<P>
<B>3. Security Management</B></P>
<P>
<font size="2">Our operations, service performance and reputation depend on how well we protect our assets including networks, information technology (IT) systems, offices and sensitive information from events and attacks such as those referred to in Section C.IV.3.2, <I>Operational Performance - Our operations and business continuity depend on how well we protect, test, maintain and replace our networks, IT systems, equipment and other facilities</I>. The protection and effective organization of our systems, applications and information repositories are central to the secure and continuous operation of our networks and business as electronic and physical records of proprietary business and personal data, such as confidential customer and employee information, are all sensitive from a market and privacy perspective. In particular, cyber threats, which include cyber attacks such as, but not limited to, hacking, computer viruses, denial of service attacks, industrial espionage, unauthorized access to confidential, proprietary or sensitive information or other breaches of network or IT security, are constantly evolving and our IT defences need to be constantly monitored and adapted. We are also exposed to cyber threats as a result of actions that may be taken by our customers or by our employees, whether malicious or not, including as a result of the use of social media and IT consumerization. In addition, cloud-based solutions may increase the risk of security and data leakage exposure if security control protocols are by-passed. Vulnerabilities could harm our brand and reputation as well as our customer relationships and may lead to:</font></P>


<P align="right" style="margin-bottom: 0">
<font size="2">8</font></P>


<HR noshade size=1 color="#000000">





<P>
&nbsp;</P>





<UL>
<LI>
<font size="2">Network operating failures and service disruptions, which could directly impact our customers&#146; ability to maintain normal business operations and deliver critical services and/or the ability of third party suppliers to deliver critical services to us</font></LI>
<LI>
<font size="2">The theft, loss or leakage of confidential information, including customer or employee information, that could result in financial loss, exposure to claims for damages by customers and employees, and difficulty in accessing materials to defend legal cases</font></LI>
<LI>
<font size="2">Physical damage to network assets impacting service continuity</font></LI>
<LI>
<font size="2">Fines and sanctions from credit card providers for failing to comply with payment card industry data security standards for protection of cardholder data</font></LI>
<LI>
<font size="2">Increased audit and regulatory scrutiny that could divert resources from project delivery</font></LI>
<LI>
<font size="2">Increased fraud as criminals leverage stolen information against us, our employees or our customers</font></LI>
<LI>
<font size="2">The potential for loss of subscribers or impairment of our ability to attract new ones</font></LI>
</UL>
<P>
<B>II. PRINCIPAL SEGMENTED BUSINESS RISKS</B></P>
<P>
<B>1. Bell Wireless</B></P>
<P>
<font size="2">This section discusses certain principal business risks which specifically affect our Bell Wireless segment, in addition to the other risks described elsewhere in this Safe Harbour Notice.</font></P>
<table border="0" width="99%" cellpadding="10" style="border-collapse: collapse">
	<tr>
		<td width="33%" valign="top">
<B>Aggressive Competition</B><P>
<I>Risk</I></P>
<P>
<font size="2">The intensity of competitive activity from incumbent wireless operators, newer wireless entrants, non-traditional players and resellers, which competitive intensity could increase as a result of the announcement by Shaw Communications Inc. of its proposed acquisition of Wind Mobile, which is Canada&#146;s largest non-incumbent wireless services provider</font></P>
		</td>
		<td width="33%" valign="top" style="border-left: 1px solid #26679F; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B>Regulatory Environment</B><P>
<I>Risk</I></P>
<P>
<font size="2">Greater regulation of wholesale mobile wireless services (e.g. more stringent regulation of wholesale roaming rates), additional mandated access to wireless networks and limitations placed on future spectrum bidding</font></P>
		</td>
		<td width="33%" valign="top" style="border-left: 1px solid #26679F; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B>Continuing Impact of the Wireless Code</B><P>
<I>Risk</I></P>
<P>
<font size="2">Our large number of subscribers who, as a result of the adoption of the Wireless Code, are off-contract could switch to other carriers based, in particular, on aggressive market pricing</font></P>
		</td>
	</tr>
	<tr>
		<td width="33%" valign="top">
<I>Impact</I><P>
<font size="2">Pressure on our Adjusted EBITDA, ARPU and cost of acquisition and retention, as well as increased churn, would likely result if competitors aggressively increase discounts for handsets and price plans or offer other incentives (such as new data plans or multi-product bundles) to attract new customers</font></P>
		</td>
		<td width="33%" valign="top" style="border-left: 1px solid #26679F; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
		<I>Impact</I><P>
<font size="2">Greater regulation of wholesale mobile wireless services concerning matters such as regulated roaming rates and mandated tower and site sharing, combined with limitations placed on bidding for new spectrum, could limit our flexibility, influence the market structure, improve the business positions of our competitors, and negatively impact the financial performance of our mobile wireless business</font></P>
		</td>
		<td width="33%" valign="top" style="border-left: 1px solid #26679F; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
		<I>Impact</I><P>
<font size="2">Potentially elevated churn relative to our historical churn rates could result in subscriber losses as well as higher costs</font></P>
		</td>
	</tr>
</table>
<P>
&nbsp;</P>


<P align="right" style="margin-bottom: 0">
<font size="2">9</font></P>


<HR noshade size=1 color="#000000">





<P>
&nbsp;</P>
<P>
<B>2. Bell Wireline</B></P>
<P>
<font size="2">This section discusses certain principal business risks which specifically affect our Bell Wireline segment, in addition to the other risks described elsewhere in this Safe Harbour Notice.</font></P>
<table border="0" width="99%" cellpadding="10" style="border-collapse: collapse">
	<tr>
		<td width="33%" valign="top"><B>Aggressive Competition</B><P>
<I>Risk</I></P>
<P>
<font size="2">The intensity of competitive activity from incumbent operators, cable companies, non-traditional players and wholesalers</font></P>
		</td>
		<td width="33%" valign="top" style="border-left: 1px solid #26679F; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B>Regulatory Environment</B><P>
<I>Risk</I></P>
<P>
<font size="2">The implementation of new services mandated by the CRTC, including a disaggregated wholesale high-speed access service and an &#147;a la carte&#148; TV subscription model</font></P>
		</td>
		<td width="33%" valign="top" style="border-left: 1px solid #26679F; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B>TV Subscribers Penetration</B><P>
<I>Risk</I></P>
<P>
<font size="2">The traditional TV viewing model (i.e., the subscription for bundled channels) is challenged by an increasing number of viewing options available in the market offered by traditional, non-traditional and global players, as well as a developing cord cutting trend</font></P>
		</td>
	</tr>
	<tr>
		<td width="33%" valign="top">
<I>Impact</I><P>
<font size="2">Aggressive offers could lead to higher churn, increased retention expenses and use of promotional competitive offers to keep customers, all of which would put pressure on Bell Wireline&#146;s Adjusted EBITDA</font></P>
		</td>
		<td width="33%" valign="top" style="border-left: 1px solid #26679F; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<I>Impact</I><P>
<font size="2">The mandated introduction of a new disaggregated wholesale high-speed access service, including over FTTP, will undermine our incentives to invest in next-generation wireline networks, particularly in smaller communities and rural areas, and could improve the business position of our competitors. A la carte TV regulation may lead to reduced subscribers, lower revenues and higher fixed costs</font></P>
		</td>
		<td width="33%" valign="top" style="border-left: 1px solid #26679F; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<I>Impact</I><P>
<font size="2">Our market penetration and number of TV subscribers could decline as a result of broadcasting distribution undertakings&#146; (BDUs) offerings and an increasing number of domestic and global unregulated OTT providers</font></P>
<P>
<font size="2">BDUs may offer smaller and/or less expensive packaging options to attract subscribers</font></P>
<P>
<font size="2">The proliferation of IP-based products, including OTT content offerings, may accelerate the disconnection of TV services or the reduction of TV spending</font></P>
		</td>
	</tr>
</table>
<P>
&nbsp;</P>





<P>
<B>3. Bell Media</B></P>
<P>
<font size="2">This section discusses certain principal business risks which specifically affect our Bell Media segment, in addition to the other risks described elsewhere in this Safe Harbour Notice.</font></P>
<table border="0" width="99%" cellpadding="10" style="border-collapse: collapse">
	<tr>
		<td width="33%" valign="top">
<B>Aggressive Competition and Regulatory Changes</B><P>
<I>Risk</I></P>
<P>
<font size="2">The intensity of competitive activity from traditional TV services, as well as from new technologies and alternative distribution platforms such as unregulated OTT content offerings, </font></P>
		</td>
		<td width="33%" valign="top" style="border-left: 1px solid #26679F; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B>Advertising Revenue Uncertainty</B><P>
<I>Risk</I></P>
<P>
<font size="2">Advertising is heavily dependent on economic conditions and viewership
as well as our ability to grow alternative advertising media such as digital and out-of-home platforms</font></P>
		</td>
		<td width="33%" valign="top" style="border-left: 1px solid #26679F; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B>Rising Content Costs and Ability to Secure Key Content</B><P>
<I>Risk</I></P>
<P>
<font size="2">Rising content costs and the ability to secure key content to drive revenues and subscriber growth going forward</font></P>
		</td>
	</tr>
	</table>
<P>
&nbsp;</P>
<P>
&nbsp;</P>


<P align="right" style="margin-bottom: 0">
<font size="2">10</font></P>


<HR noshade size=1 color="#000000">





<P>
&nbsp;</P>
<table border="0" width="99%" cellpadding="10" style="border-collapse: collapse">
	<tr>
		<td width="33%" valign="top">
<font size="2">video on demand, personal video platforms and video services over
mobile devices and the Internet, in combination with regulations that require
all BDUs to make TV services available a la carte</font></td>
		<td width="33%" valign="top" style="border-left: 1px solid #26679F; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</td>
		<td width="33%" valign="top" style="border-left: 1px solid #26679F; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
&nbsp;</td>
	</tr>
	<tr>
		<td width="33%" valign="top">
<I>Impact</I><P>
<font size="2">The level of competitive activity and the unbundling of TV services could have an adverse impact on the level of audience acceptance for Bell Media&#146;s TV services and challenge Bell Media&#146;s revenue streams</font></P>
		</td>
		<td width="33%" valign="top" style="border-left: 1px solid #26679F; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<I>Impact</I><P>
<font size="2">Economic uncertainty reduces advertisers&#146; spending </font></P>
<P>
<font size="2">Increased fragmentation of the advertising market, given the increasing adoption of new technologies and alternative distribution platforms, increases Bell Media&#146;s risk of losing advertising revenue</font></P>
		</td>
		<td width="33%" valign="top" style="border-left: 1px solid #26679F; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<I>Impact</I><P>
<font size="2">Rising programming costs, as an increasing number of domestic and global competitors compete for the same content, could require us to incur unplanned expenses which could result in negative pressure on Adjusted EBITDA</font></P>
<P>
<font size="2">Our inability to acquire popular programming content could adversely affect Bell Media&#146;s viewership and subscription levels and, consequently, advertising and subscription revenues</font></P>
		</td>
	</tr>
</table>
<P>
<B>III. RISKS RELATING TO OUR REGULATORY ENVIRONMENT</B></P>
<P>
<B>1. Introduction</B></P>
<P>
<font size="2">This section describes certain legislation that governs our businesses and provides highlights of recent regulatory initiatives and proceedings, government consultations and government positions that affect us and that influence our business and may continue to affect our flexibility to compete in the marketplace. Bell Canada and several of its direct and indirect subsidiaries, including Bell Mobility Inc. (Bell Mobility), Bell ExpressVu Limited Partnership (Bell ExpressVu), NorthernTel, Limited Partnership (NorthernTel), T&#233;l&#233;bec, Limited Partnership (T&#233;l&#233;bec) and Northwestel Inc. (Northwestel), are governed by the <I>Telecommunications Act</I>, the</font><I><font size="2"> Broadcasting Act</font></I><font size="2">, the <I>Radiocommunication Act </I>and/or the <I>Bell Canada Act</I>. They are also subject to regulations and policies enforced by the CRTC. Our business is affected by decisions made by various regulatory agencies, including the CRTC, a quasi-judicial agency of the Government of Canada responsible for regulating Canada&#146;s telecommunications and broadcasting industries. Other aspects of the businesses of these entities are regulated in various ways by federal government departments, in particular Innovation, Science and Economic Development Canada (ISED, previously called Industry Canada).</font></P>
<P>
<font size="2">The CRTC regulates the prices we can charge for telecommunications services in areas where it determines there is not enough competition to protect the interests of consumers. The CRTC has determined that competition was sufficient to grant forbearance from retail price regulation under the <I>Telecommunications Act </I>for the vast majority of our residential and business telephone services, as well as for our wireless (except our domestic wholesale wireless roaming service) and Internet services (except in certain parts of Northwestel&#146;s territory where the CRTC reregulated Internet services in 2013). Our TV distribution business is subject to the <I>Broadcasting Act </I>and is, for the most part, not subject to retail price regulation. However, the CRTC
has </font></P>
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<font size="2">recently mandated that all TV providers offer a "small entry-level" package consisting of only Canadian conventional TV services, certain public-interest services, and, if the TV provider chooses to include them, one set of American over-the-air stations. The price of this package cannot exceed &#36;25.</font></P>
<P>
<font size="2">Although most of our retail services are not price-regulated, government agencies and departments such as the CRTC, ISED, Canadian Heritage and the Competition Bureau, continue to play a significant role in regulatory matters such as mandatory access to networks, net neutrality, spectrum auctions, approval of acquisitions, broadcast licensing and foreign ownership requirements. Adverse decisions by regulatory agencies or increasing regulation could have negative financial, operational, reputational or competitive consequences for our business.</font></P>
<P>
<B>2. Telecommunications Act</B></P>
<P>
<font size="2">The <I>Telecommunications Act </I>governs telecommunications in Canada. It defines the broad objectives of Canada&#146;s telecommunications policy and provides the Government of Canada with the power to give general direction to the CRTC on any of its policy objectives. It applies to several of the BCE group companies and partnerships, including Bell Canada, Bell Mobility, NorthernTel, T&#233;l&#233;bec and Northwestel.</font></P>
<P>
<font size="2">Under the <I>Telecommunications Act</I>, all facilities-based telecommunications service providers in Canada, known as telecommunications common carriers (TCCs), must seek regulatory approval for all proposed tariffs for telecommunications services, unless the services are exempt from regulation or forborne from regulation. The CRTC may exempt an entire class of carriers from regulation under the <I>Telecommunications Act </I>if the exemption meets the objectives of Canada&#146;s telecommunications policy. In addition, a few large TCCs, including the BCE group TCCs, must also meet certain Canadian ownership requirements. BCE monitors and periodically reports on the level of non-Canadian ownership of its common shares.</font></P>





<P>
<B><I>2.1 Review of Basic Telecommunications Services</I></B></P>
<P>
<font size="2">On April 9, 2015, the CRTC launched Telecom Notice of Consultation CRTC 2015-134, <I>Review of basic telecommunications services</I>. In this proceeding, the CRTC requests parties to comment on the evolving needs of Canadians and the services necessary for Canadians to participate in the digital economy. Issues include the potential modification of incumbent local exchange carriers&#146; (ILEC) current obligation to serve customers and the basic service objective which are currently restricted to voice services in regulated areas. Modifications to the regulatory regime applicable to basic service, including through the implementation of broadband related regulation, could have a significant impact on our business and investment decisions. A decision is not expected before late 2016.</font></P>
<P>
<B><I>2.2 Complaint Regarding Pricing of Broadcasting Content Accessed Via Mobile Devices</I></B></P>
<P>
<font size="2">On January 29, 2015, the CRTC issued a decision (Mobile TV decision) concerning a complaint against Bell Mobility about the pricing of our Bell Mobile TV service compared with the rates applicable when consumers access programming content received via mobile devices over the Internet. The CRTC
found that we were conferring an &#145;undue preference&#146; on our Mobile TV </font></P>
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<font size="2">service by not subjecting it to the standard data charges. In accordance with the CRTC&#146;s Mobile TV decision, we have stopped exempting our Mobile TV service from data charges since April 29, 2015.</font></P>
<P>
<font size="2">On February 20, 2015, Bell Canada filed a motion seeking leave to appeal the CRTC&#146;s Mobile TV decision in the Federal Court of Appeal, which was granted on April 2, 2015. Bell Canada alleges that the CRTC made certain errors in law in conjunction with the Mobile TV decision. The appeal was heard on January 19, 2016 and a decision is expected later this year.</font></P>
<P>
<B><I>2.3 Proceedings Regarding Wholesale Domestic Wireless Services</I></B></P>
<P>
<font size="2">On May 5, 2015, the CRTC released Telecom Regulatory Policy CRTC 2015-177 (TRP 2015-177) which concluded its investigation into the competitiveness of wholesale wireless markets in Canada. TRP 2015-177 requires Bell Mobility, Rogers Communications Partnership (now Rogers Communications Canada Inc.)(Rogers) and Telus Communications Company (Telus) to issue tariffs for domestic wholesale roaming services based on the Global System for Mobile Communications (GSM) which are provided to all other Canadian wireless carriers, but not to each other. As a condition of offering GSM-based wholesale roaming services, Bell Mobility, Rogers and Telus must provide domestic roaming to all subscribers served by their wholesale roaming customers, including the subscribers of any mobile virtual network operators (MVNOs) operating on their roaming customers&#146; networks. The CRTC is expected to grant final approval to Bell Mobility&#146;s, Telus&#146; and Rogers&#146; proposed wholesale roaming rates later in 2016.</font></P>
<P>
<font size="2">On August 3, 2015, the Canadian Network Operators Consortium (CNOC) applied to the CRTC to review and vary TRP 2015-177. CNOC&#146;s application seeks: (1) a CRTC order mandating full MVNO services on the networks of Bell Mobility, Rogers and Telus at regulated rates; and (2) a follow-up regulatory proceeding to determine whether wholesale tower and site sharing services should also be mandated, and if so, on what terms and conditions. If CNOC&#146;s application is granted then: a) Bell Mobility, Rogers and Telus could be mandated to provide full MVNOs with access to their networks at regulated rates, thereby facilitating the business expansion of MVNOs in the Canadian market; and/or b) the CRTC could initiate a regulatory review to consider the need for changes to the tower and site sharing regulations. A CRTC decision on the matter is expected in 2016.</font></P>
<P>
<B><I>2.4 Wholesale Wireline Services Framework Review</I></B></P>
<P>
<font size="2">On July 22, 2015, the CRTC issued Telecom Decision 2015-326 which concluded a review of its wholesale wireline telecommunications policies. The CRTC mandated the introduction of a new disaggregated wholesale high-speed access service, including over FTTP facilities, which facilities had so far been exempted from mandated wholesale high-speed access. While this new service is mandated of all major incumbent telephone companies and cable carriers, the first stage of its implementation is to take place only in Ontario and Qu&#233;bec, our two largest markets. No wholesale service that had been previously forborne was re-regulated.</font></P>
<P>
<font size="2">On October 20, 2015, we requested that the Governor in Council vary the CRTC's decision so that it does not implement legacy wholesale regulation for FTTP or next-generation DOCSIS 3.1 cable networks. The decision would continue to apply to legacy broadband technology, like digital subscriber line (DSL), fibre-to-the-node (FTTN), and cable broadband based on DOCSIS</font></P>


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<font size="2">3.0 providing speeds up to 100 megabits per second (Mbps), where it exists today. On the same day, we also filed an application with the CRTC requesting the addition of conditions regarding competitor eligibility for the new disaggregated wholesale high-speed access service.</font></P>
<P>
<font size="2">The introduction of mandated wholesale services over FTTP by the CRTC will undermine the incentives of facilities-based digital infrastructure providers to invest in next-generation wireline networks, particularly in smaller communities and rural areas.</font></P>
<P>
<B><I>2.5 National Wireless Services Consumer Code</I></B></P>
<P>
<font size="2">On June 3, 2013, the CRTC issued Telecom Regulatory Policy CRTC 2013-271, which established the Wireless Code. The Wireless Code applies to all wireless services provided to individual and small business consumers (e.g. businesses that on average spend less than &#36;2,500 per month on telecom services) in all provinces and territories.</font></P>
<P>
<font size="2">The Wireless Code establishes regulations related to unlocking mobile phones, limiting the amount of early cancellation fees, price changes for different categories of services and setting default caps for data roaming charges and data overage charges, among other measures. The Wireless Code also stipulates that wireless service providers may not charge an early cancellation fee after a customer has been under contract for 24 months and that handset subsidies must be recovered in two years or less. These requirements reduce the incentive for wireless service providers to offer contracts with terms greater than two years.</font></P>
<P>
<font size="2">The Wireless Code has applied to all wireless contracts since June 3, 2015.</font></P>
<P>
<B><I>2.6 Canada&#146;s Telecommunications Foreign Ownership Rules</I></B></P>
<P>
<font size="2">Under the <I>Telecommunications Act</I>, there are no foreign investment restrictions applicable to TCCs that have less than a 10% share of the total Canadian telecommunications market as measured by annual revenues. However, foreign investment in telecommunications companies can still be refused by the government under the <I>Investment Canada Act</I>. The absence of foreign ownership restrictions on such small or new entrant TCCs could result in more foreign companies entering the Canadian market, including by acquiring spectrum licences or Canadian TCCs. Under the <I>Broadcasting Act</I>, foreign ownership restrictions continue to apply to broadcasters such as licensed cable and satellite TV service providers, and programming licensees such as Bell Media
Inc. (Bell Media).</font></P>
<P>
<B>3. Broadcasting Act</B></P>
<P>
<font size="2">The <I>Broadcasting Act </I>defines the broad objectives of Canada&#146;s broadcasting policy and assigns the regulation and supervision of the broadcasting system to the CRTC. Key policy objectives of the <I>Broadcasting Act </I>are to protect and strengthen the cultural, political, social and economic fabric of Canada and to encourage the development of Canadian expression.</font></P>
<P>
<font size="2">Most broadcasting activities require a programming licence or broadcasting distribution licence from the CRTC. The CRTC
may exempt broadcasting undertakings from complying with certain licensing and
regulatory requirements if it is satisfied that non-compliance will not
materially affect the implementation of Canadian broadcasting policy. A
corporation must also </font></P>


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<font size="2">meet certain Canadian ownership and control requirements to obtain a broadcasting or broadcasting distribution licence and corporations must have the CRTC&#146;s approval before they can transfer effective control of a broadcasting licensee.</font></P>
<P>
<font size="2">The TV distribution business of our Bell TV business unit (Bell TV) and Bell Media&#146;s TV and radio broadcasting operations are subject to the requirements of the <I>Broadcasting Act</I>, the policies and decisions of the CRTC and their respective broadcasting licences. Any changes in the <I>Broadcasting Act</I>, amendments to regulations or the adoption of new ones, or amendments to licences, could negatively affect Bell TV&#146;s or Bell Media&#146;s competitive position or the cost of providing services.</font></P>
<P>
<B><I>3.1 Changes to Simultaneous Substitution</I></B></P>
<P>
<font size="2">On January 29, 2015, the CRTC announced in Broadcasting Regulatory Policy 2015-25 that it would eliminate simultaneous substitution for specialty channels starting December 1, 2015 and for the Super Bowl starting in 2017, and that it would enact new penalties for broadcasters and require BDUs to pay consumer rebates for simultaneous substitution errors. This decision, as far as it relates to the elimination of simultaneous substitution for the Super Bowl, could have an adverse impact on Bell Media&#146;s conventional TV businesses and financial results, the full extent of which is unclear at this time.</font></P>
<P>
<font size="2">On March 2, 2015, Bell Canada and Bell Media filed an application with the Federal Court of Appeal for leave to appeal the CRTC&#146;s decision relating to simultaneous substitution in so far as it: (i) prohibits simultaneous substitution for the Super Bowl starting in 2017; (ii) prohibits simultaneous substitution for specialty channels; and (iii) purports to grant the CRTC authority to impose penalties on broadcasters and requires BDUs to pay rebates for errors in the performance of simultaneous substitution. Bell Canada
and Bell Media are challenging the legal validity of these rules on the basis of the following arguments: (i) unlawful interference with Bell
Media&#146;s vested economic rights as the exclusive Canadian rights holder of the Super Bowl; (ii) administrative law discrimination by eliminating the benefits of simultaneous substitution for Bell
Media&#146;s Super Bowl broadcast while maintaining the benefits of simultaneous substitution for others; (iii) breach of procedural fairness in the CRTC&#146;s failure to give notice that the prohibition of simultaneous substitution was a live issue in the TV Policy Review; (iv) the unreasonableness of the decision in light of the broadcasting policy for Canada as set out in the <I>Broadcasting Act </I>and in light of the CRTC&#146;s acknowledgement of the benefits of simultaneous substitution; and (v) that the CRTC has no authority to enact regulations empowering it to penalize broadcasters or impose rebates on BDUs for errors in carrying out simultaneous substitution. The Federal Court of Appeal granted our application for leave to appeal on May 5, 2015. On November 19, 2015, the CRTC released an additional decision stating, for the first time, new grounds for its decision relating to simultaneous substitution. On December 14, 2015, Bell Canada
and Bell Media filed an application with the Federal Court of Appeal for leave to appeal this decision as well. The hearing of these appeals is now expected to take place later this year.</font></P>
<P>
<B><I>3.2 Unbundling of television services</I></B></P>
<P>
<font size="2">On March 19, 2015, the CRTC released Broadcasting Regulatory Policy 2015-96, which deals primarily with issues related to the distribution of TV services. In it, the CRTC
mandated that</font></P>
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<font size="2">all TV providers offer a &#147;small entry-level&#148; package consisting of only Canadian conventional TV services, certain public-interest services, and, if the TV provider chooses to include them, one set of American over-the-air
(OTA) stations. The price of this package cannot exceed &#36;25 exclusive of equipment. The small entry-level offer must be introduced by March 1, 2016. The decision also requires all TV providers to offer every channel not included in a small entry-level package on both a standalone (a la carte) basis and in either build-your-own-packages (e.g. &#147;pick 10&#148;) or small theme packs of no more than 10 channels. The CRTC did not regulate the price at which these packages can be sold. Either a standalone, build-your-own-package, or small theme pack option must be offered by March 1, 2016 and both standalone and one of build-your-own-package or small theme pack options must be offered by December 1, 2016. TV providers can continue to offer TV services in other packages including their existing packaging options as long as they also offer the mandated alternatives. The CRTC also decided that, with the exception of mainstream national news services, TV channels that previously had &#147;access rights&#148;, in that TV providers were required to carry them, will lose those rights when they renew their licences beginning in September 2017. A TV provider will, therefore, be able to cease to offer any of these services that it does not wish to carry. While the impact of the decision on Bell Media is potentially negative, the extent of the impact on Bell Media&#146;s business and financial results is unclear at this time.</font></P>
<P>
<B><I>3.3 Wholesale Code</I></B></P>
<P>
<font size="2">On September 24, 2015, the CRTC released Broadcasting Regulatory Policy 2015-438, announcing a new Wholesale Code. The Wholesale Code governs the commercial arrangements between BDUs, programming services, and digital media services including imposing additional restrictions on the sale of TV channels at wholesale and the carriage of TV channels by BDUs. On October 23, 2015, Bell Canada and Bell Media filed an application for leave to appeal the CRTC&#146;s decision to implement the Wholesale Code with the Federal Court of Appeal,
which application was granted on December 22, 2015. We allege that the CRTC&#146;s implementation of the Wholesale Code conflicts with the <I>Copyright Act </I>and is outside the CRTC&#146;s jurisdiction under the <I>Broadcasting Act</I>. A decision on the appeal is not expected until later in the year.</font></P>





<P>
<B>4. Radiocommunication Act</B></P>
<P>
<font size="2">ISED regulates the use of radio spectrum under the <I>Radiocommunication Act</I>. Under the <I>Radiocommunication Act</I>, ISED ensures that radiocommunication in Canada is developed and operated efficiently. Under the <I>Radiocommunication Regulations</I>, companies that are eligible for radio licences, such as Bell Canada and Bell Mobility, must meet the same ownership requirements that apply to companies under the <I>Telecommunications Act</I>.</font></P>
<P>
<font size="2">Companies must have a spectrum licence to operate a wireless system in Canada. While we anticipate that the licences under which we provide wireless services will be renewed upon expiry, there is no assurance that this will happen, or of the terms under which renewal will be granted. ISED can revoke a company&#146;s licence at any time if the licensee does not comply with the licence&#146;s conditions. While we believe that we comply with the conditions of our licences, there is no assurance that ISED will agree. Should there be a disagreement, this could have a negative effect on our business and financial performance.</font></P>


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<P>
<B><I>4.1 600 MHz Spectrum Consultation</I></B></P>
<P>
<font size="2">Industry Canada (now ISED) held a consultation in December 2014 seeking comments on various questions related to repurposing the 600 Megahertz (MHz) broadcasting band for mobile use. This spectrum is currently used primarily by OTA TV broadcasters for local TV transmissions. This was the first step of a multistep process on the matter. The two key questions related to whether Industry Canada should repurpose the band to include commercial mobile broadband and whether to participate in a joint spectrum repacking process with the United States (U.S.). In addition, Industry Canada also sought comments as to the anticipated future spectrum requirements for OTA TV broadcasting taking into consideration the overall changes to the broadcasting industry.</font></P>
<P>
<font size="2">On August 14, 2015, Industry Canada announced its decision on the results of the consultation. Industry Canada determined it
would proceed with the repacking initiative of the 600 MHz band to include commercial mobile use and that it
would jointly establish a new digital TV (DTV) allotment plan in collaboration with the U.S. ISED has indicated that it is waiting for the results of the U.S. auction, which is expected to take place in March or April 2016, before proceeding with further consultation concerning the final 600 MHz band plan to be adopted and its auction process, as ISED&#146;s auction parameters will be coordinated with the band plan that results from the auction in the U.S. The repurposing of 600 MHz spectrum will have an impact for existing Bell Media TV broadcasting stations, which will need to transition to alternate spectrum. The extent of such impact is not yet known.</font></P>
<P>
<B>5. Bell Canada Act</B></P>
<P>
<font size="2">Under the <I>Bell Canada Act</I>, the CRTC must approve any sale or other disposal of Bell Canada voting shares that are held by BCE, unless the sale or disposal would result in BCE retaining at least 80% of all of the issued and outstanding voting shares of Bell Canada. Except in the ordinary course of business, the sale or other disposal of facilities integral to Bell Canada&#146;s telecommunications activities must also receive CRTC approval.</font></P>





<P>
<B>6. Other Key Legislation</B></P>
<P>
<B><I>6.1 Personal Information Protection and Electronic Documents Act</I></B></P>
<P>
<font size="2">The <I>Digital Privacy Act </I>amending the </font> <I>
<font size="2">Personal Information Protection and Electronic Documents Act</font></I><font size="2"> (PIPEDA) received Royal Assent on June 18, 2015. The amendments introduce mandatory notification requirements that must be followed in relation to the loss or unauthorized disclosure of personal information held by an organization resulting from the breach of the organization&#146;s security safeguards. Failure to comply with these notification requirements, or to log security breaches, may result in a fine of up to &#36;100,000 per occurrence. These provisions dealing with notification requirements will come into force when related regulations are brought into force.</font></P>
<P>
<B><I>6.2 Canada&#146;s Anti-Spam Legislation</I></B></P>
<P>
<font size="2">Federal legislation referred to as Canada&#146;s anti-spam legislation (CASL) came into force on July 1, 2014. Pursuant to CASL, commercial electronic messages (CEMs)
can be sent only if the</font></P>


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<font size="2">recipient has provided prior consent and the message complies with certain formalities, including the ability to unsubscribe easily from subsequent messages. As of January 15, 2015, CASL also requires that an organization have prior informed consent before downloading software to an end-user&#146;s computer. Penalties for non-compliance include administrative monetary penalties of up to &#36;10 million and a private right of action is scheduled to come into force on July 1, 2017. CASL limits the ability of the various BCE group companies to contact prospective customers, and imposes additional costs and processes with respect to communicating with existing and prospective customers.</font></P>
<P>
<B>IV. OTHER PRINCIPAL BUSINESS RISKS</B></P>
<P>
<font size="2">The following sections describe the other principal business risks that could also have a material adverse effect on our financial position, financial performance, cash flows, business or reputation in addition to those previously discussed in this document under Section C.I,</font><I><font size="2"> Principal Consolidated Business Risks</font></I><font size="2">, Section C. II, <I>Principal Segmented Business Risks </I>and Section C. III, <I>Risks Relating to our Regulatory Environment</I>.</font></P>
<P><font size="2">1. Customer Experience</font></P>
<P><font size="2">2. Technology/Infrastructure Transformation</font></P>
<P><font size="2">3. Operational Performance</font></P>
<P><font size="2">4. Vendor Oversight</font></P>
<P><font size="2">5. People</font></P>
<P><font size="2">6. Financial Management</font></P>
<P><font size="2">7. Litigation and Legal Obligations</font></P>
<P><font size="2">8. Health and Environmental Concerns</font></P>





<P>
<br>
1. <B><I>Customer Experience</I></B></P>
<P>
<I>Driving a positive customer experience in all aspects of our engagement with customers by embracing new approaches and challenging operational limitations is important to avoid adverse impacts on our business and financial performance</I></P>
<P>
<font size="2">As the bar continues to be raised based on customers&#146; evolving expectations of service and value, failure to get ahead of expectations and build a more robust service experience could hinder products and services differentiation and customer loyalty. With the proliferation of connectivity
services, Apps and multiple devices, customers are accustomed to doing things when, how and where they want through websites, self serve, web chat, call centre, Facebook,
twitter and other social media forums. Failure to embrace these new media in a
positive way, incorporate them into multiple elements of our service delivery
and ensure that we understand their potential impact on customer perceptions,
could adversely affect our reputation and brand value. As the foundation of
effective customer service stems from our ability to deliver simple solutions to
customers in an expeditious manner, on mutually agreeable terms, complexity in
our operations resulting from multiple technology platforms, billing systems,
marketing databases and a myriad of rate plans, promotions and product
offerings, may limit our ability to respond quickly to market changes and reduce
costs. Complexity in our operations may also</font></P>
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<font size="2">&nbsp;lead to customer confusion or billing errors which could adversely affect customer satisfaction, acquisition and retention.</font></P>
<P>
2. <B><I>Technology/Infrastructure Transformation</I></B></P>
<P>
<I>The failure to optimize network and IT deployment and upgrading timelines, accurately assess the potential of new technologies, and invest and evolve in the appropriate direction could have an adverse impact on our business and financial results</I></P>
<P>
<font size="2">Globalization, increased competition and ongoing technological advances are driving customer expectations of faster market responses, enhanced user experiences and cost effective delivery. Meeting these expectations requires the deployment of new service and product technologies which are network agnostic and based on a more collaborative and integrated development environment. Change can be difficult and present unforeseen obstacles which might impact successful execution, and this transition is made more challenging by the complexity of our multi-product environment combined with the complexity of our network and IT structures. In addition, new technologies may quickly become obsolete or the launch thereof may be delayed. The failure to optimize network and IT deployment and upgrading timelines considering customer demand and competitor activities, to accurately assess the potential of new technologies and to invest and evolve in the appropriate direction in an environment of changing business models, could have an adverse impact on our business and financial results.</font></P>
<P>
<font size="2">In particular, our network and IT evolution activities seek to install FTTP and enable an integrated IP-based competitive network offering which facilitates rapid development of new product and service offerings. If this cannot be achieved in accordance with our deployment schedules while maintaining network availability and performance through the migration process, we may lose customers as a result of poor service performance which could adversely affect our ability to achieve our operational and financial objectives. Failure to</font></P>





<P>
<font size="2">leverage IP across all facets of our network and product and service portfolio could inhibit a fully customer centric approach limiting or preventing comprehensive self-serve convenience, real-time provisioning, cost savings and flexibility in delivery and consumption leading to negative business and financial outcomes.</font></P>
<P>
<font size="2">Parallel to our focus on next generation investment, adverse regulatory decisions may impact the specific nature, magnitude, location and timing of investment decisions. In particular, the introduction of mandated wholesale services over FTTP or wireless networks by the CRTC will undermine the incentives of facilities-based digital infrastructure providers to invest in next-generation wireline and wireless networks, particularly in smaller communities and rural areas. Failure to continue investment in a disciplined and strategic manner in next generation capabilities, including real-time information based customer service strategies, could limit our ability to compete effectively and achieve desired business and financial results.</font></P>
<P>
<font size="2">Other examples of risks to achieving desired technology/infrastructure transformation include:</font></P>
<UL>
<LI>
<font size="2">Network construction and deployment on municipal or private property requires the issuance of municipal and property owner consents, respectively, for the installation of network equipment which could cause delays to FTTP roll-out</font></LI>
</UL>
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<UL>
<LI>
<font size="2">New products, services or Apps could reduce demand for our existing more profitable
service offerings or cause prices for those services to decline, and could result in shorter estimated useful lives for existing technologies which could increase depreciation and amortization expense</font></LI>
<LI>
<font size="2">As consumption habits evolve and TV viewing alternatives expand, our ability to develop alternative delivery vehicles, which may require significant IT investment, in order to compete in new markets is essential to maintaining customer engagement and revenue streams</font></LI>
<LI>
<font size="2">Our ability to leverage new opportunities, such as those introduced by &#147;Big Data&#148; which is subject to a myriad of challenges including evolving customer perceptions as well as legal and regulatory developments. If we cannot build market leading competencies in this field across sales, service and operational platforms that respect societal values and legal and regulatory requirements, we may miss important opportunities to grow our business through enhanced market intelligence and a more proactive customer service model</font></LI>
</UL>
<P>
<B>3. <I>Operational Performance</I></B></P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="5%" valign="top">3.1</td>
		<td width="95%" valign="top"><I>Our networks, IT systems and data centre assets are the foundation of high quality consistent services which are critical to meeting service expectations</I></td>
	</tr>
	<tr>
		<td width="5%" valign="top">&nbsp;</td>
		<td width="95%" valign="top">&nbsp;</td>
	</tr>
	<tr>
		<td width="5%" valign="top">&nbsp;</td>
		<td width="95%" valign="top">
<font size="2">Our ability to provide wireless, wireline, media broadcasting, satellite and data centre services consistently to customers in a complex and constantly changing operating environment is crucial for sustained success. In particular, network capacity demands for TV and other bandwidth-intensive applications on our Internet and wireless networks have been growing at unprecedented rates. Unexpected capacity pressures on our networks may negatively affect our network performance and our ability to provide services. Issues relating to network availability, speed, consistency and traffic management on our more current as well as aging networks could have an adverse impact on our business and financial performance.</font><P>
<font size="2">In addition, we currently use a very large number of interconnected operational and business support systems including for provisioning, networking, distribution, broadcast management, billing and accounting. If we fail to implement or maintain highly effective customer facing IT systems supported by an effective governance and operating framework, this may lead to inconsistent performance and dissatisfied customers which over time could result in higher churn.</font></P>
<P>
<font size="2">Further examples of risks to operational performance which could impact our reputation, business operations and financial performance include the following:</font></P>
<UL>
<LI>
<font size="2">We may need to incur significant capital expenditures beyond those expenditures already anticipated by our capital intensity target in order to provide additional capacity and to reduce network congestion on our wireline and wireless networks and we may not be able to generate sufficient cash flows or raise the capital we need to fund such capital expenditures which may result in service degradation</font></LI>
</UL></td>
	</tr>
	</table>
<p>&nbsp;</p>


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&nbsp;</P>





<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="5%" valign="top">&nbsp;</td>
		<td width="95%" valign="top">
<UL>
<LI>
<font size="2">Corporate restructurings, system replacements and upgrades, process redesigns and the integration of business acquisitions may not deliver the benefits contemplated and could adversely impact our on-going operations</font></LI>
<LI>
<font size="2">If we fail to streamline our significant IT legacy system portfolio and proactively improve operating performance, this could adversely affect business and financial outcomes</font></LI>
<LI>
<font size="2">A shortage of technicians or contact centre staff could result in the failure to achieve a desired level of customer service satisfaction</font></LI>
<LI>
<font size="2">There may be a lack of competent and cost effective resources to perform life-cycle management and upgrades necessary to maintain operational status of legacy networks</font></LI>
</UL></td>
	</tr>
	<tr>
		<td width="5%" valign="top">&nbsp;</td>
		<td width="95%" valign="top">&nbsp;</td>
	</tr>
	<tr>
		<td width="5%" valign="top">3.2</td>
		<td width="95%" valign="top"><I>Our operations and business continuity depend on how well we protect, test, maintain and replace our networks, IT systems, equipment and other facilities</I></td>
	</tr>
	<tr>
		<td width="5%" valign="top">&nbsp;</td>
		<td width="95%" valign="top">&nbsp;</td>
	</tr>
	<tr>
		<td width="5%" valign="top">&nbsp;</td>
		<td width="95%" valign="top">
<font size="2">Our operations depend on how well we and our contracted service providers protect our networks and IT systems, as well as other infrastructure and facilities, against damage from fire, natural disaster (including, without limitation, seismic and severe weather-related events such as ice, snow and wind storms, flooding, hurricanes, tornados and tsunamis), power loss, building cooling loss, unauthorized access or entry, cyber threats, disabling devices, acts of war or terrorism, sabotage, vandalism, actions of neighbours and other events. Establishing response strategies and business continuity protocols to maintain service consistency if any disruptive event materializes is critical to the achievement of effective customer service. Any of the above-mentioned events, as well as the failure to complete the planned testing, maintenance or replacement of our networks, equipment and other facilities due to factors beyond our control, could disrupt our operations (including through disruptions such as network failures, billing errors or delays in customer service), require significant resources and result in significant remediation costs, which in turn could have an adverse effect on our business and financial performance or impair our ability to keep existing subscribers, or attract new ones.</font></td>
	</tr>
	<tr>
		<td width="5%" valign="top">&nbsp;</td>
		<td width="95%" valign="top">
&nbsp;</td>
	</tr>
	<tr>
		<td width="5%" valign="top">3.3</td>
		<td width="95%" valign="top"><I>Satellites used by Bell TV are subject to significant operational risks that could have an adverse effect on Bell TV&#146;s business and financial performance</I></td>
	</tr>
	<tr>
		<td width="5%" valign="top">&nbsp;</td>
		<td width="95%" valign="top">
&nbsp;</td>
	</tr>
	<tr>
		<td width="5%" valign="top">&nbsp;</td>
		<td width="95%" valign="top">
<font size="2">Pursuant to a set of commercial arrangements between Bell TV and Telesat Canada (Telesat), Bell TV currently has two satellites under contract with Telesat. Telesat operates or directs the operation of these satellites. Satellites utilize highly complex technology and operate in the harsh environment of space and are therefore subject to significant operational risks while in orbit. These risks include in-orbit equipment failures, malfunctions and other problems commonly referred to as anomalies that could reduce the commercial usefulness of a satellite used by Bell TV. Acts of war or terrorism, magnetic, electrostatic or solar storms, and space debris or meteoroids could also damage the satellites used by Bell TV. Any loss, failure, manufacturing defect, damage or destruction of these satellites, of Bell TV&#146;s terrestrial broadcasting infrastructure or of Telesat&#146;s tracking, telemetry and control facilities to operate the satellites, could have an adverse effect on Bell TV&#146;s business and financial performance and could result in </font></td>
	</tr>
</table>
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&nbsp;</P>





<p>&nbsp;</p>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="5%" valign="top">&nbsp;</td>
		<td width="95%" valign="top">
<font size="2">customers terminating their subscriptions to Bell TV&#146;s direct-to-home (DTH) satellite TV service.</font></td>
	</tr>
</table>
<P>
4. <B><I>Vendor Oversight</I></B></P>
<P>
<I>We depend on third-party suppliers and outsourcers, some of which are critical, to provide an uninterrupted supply of products and services that we need to operate our business</I></P>
<P>
<font size="2">We depend on key third-party suppliers and outsourcers over which we have no operational or financial control for products and services, some of which are critical to our operations. If there are gaps in our supplier governance and oversight models established to ensure full risk transparency at point of purchase and throughout the relationship including any contract renegotiations, there is the potential for a breakdown in supply which could impact our ability to make sales, service customers and achieve our business and financial objectives. The outsourcing of services generally involves transfer of risk and we must take appropriate steps to ensure that the outsourcers&#146; approach to risk management is aligned with our own standards in order to maintain continuity of supply and brand strength. Further, as cloud-based supplier models continue to evolve, our procurement and vendor management practices must also continue to evolve to fully address associated risk exposures.</font></P>
<P>
<font size="2">Other examples of risks associated with vendor oversight include the following:</font></P>
<ul>
	<li><font size="2">Demand for products and services available from only a limited number of suppliers, some of which dominate their global market, may lead to decreased availability, increased costs or delays in the delivery of such products and services given that suppliers may choose to favour global competitors that are larger than we are and, accordingly, purchase a larger volume of products and services; in addition, production issues affecting any of such suppliers, or other suppliers, could result in decreased quantities, or total lack of supply of products or services; any of these events could potentially adversely impact our ability to meet customer commitments and demand</font></li>
	<LI><font size="2">Cloud-based solutions may increase the risk of security and data leakage exposure if security control protocols affecting our suppliers are by-passed</font></LI>
	<LI><font size="2">Failure to maintain strong discipline around vendor administration (especially around initial account set-up) may mask potential financial or operational risks and complicate future problem resolution</font></LI>
	<LI><font size="2">If products and services important to our operations have manufacturing defects or do not comply with applicable government regulations and standards (including product safety practices), our ability to sell products and provide services on a timely basis may be negatively impacted. We work with our suppliers to identify serious product defects (including safety incidents) and to develop appropriate remedial strategies. Remedial strategies may include a recall of products. To the extent that a supplier does not actively participate
in, and/or bear primary financial responsibility for, a recall of its products, our ability to perform such recall program at a reasonable cost and/or in a timely fashion may be negatively impacted. Any of the events referred to above could have an adverse effect on our operations and financial results</font></LI>
	<LI><font size="2">Temporary or permanent operational failures or service interruptions of the networks of other telecommunications carriers and suppliers
on which we rely to deliver services </font></LI>
</ul>


<p>&nbsp;</p>
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<p>&nbsp;</p>
<p style="margin-left: 40px"><font size="2">could adversely affect our ability
to provide services using such carriers&#146; and suppliers&#146; networks and could,
consequently, have an adverse effect on our business and financial performance</font></p>





<P>
5. <B><I>People</I></B></P>
<P>
<I>Our employees and contractors are key resources and there is a broad and complex range of risks which must be managed effectively to drive a winning culture and outstanding performance</I></P>
<P>
<font size="2">Our business depends on the efforts, engagement and expertise of our management and non-management employees and contractors who must be able to operate safely and securely based on the tasks they are completing and the environment in which they are functioning. If we fail to achieve this basic expectation, this could adversely affect our organizational culture, reputation and financial results as well as our ability to attract highly performing team members. Competition for highly skilled team members is intense, which makes the development of approaches to identify and secure performing candidates for a broad range of job functions, roles and responsibilities essential. Failure to appropriately train, motivate, remunerate or deploy employees on initiatives that further our strategic imperatives, or to efficiently replace retiring employees, could have an adverse impact on our ability to attract and retain talent and drive performance across the organization. The positive engagement of members of our team represented by unions is contingent on negotiating collective agreements which deliver competitive labour conditions and uninterrupted service, both of which are critical to achieving our business objectives. In addition, if the skill sets, diversity and size of the workforce do not match the operational requirements of the business and propagate a winning culture, we will likely not be able to sustain our performance.</font></P>





<P>
<font size="2">Other examples of people-related risks include the following:</font></P>
<UL>
<LI>
<font size="2">The increasing technical and operational complexity of our businesses creates a challenging environment for hiring, retaining and developing skilled technical resources</font></LI>
<LI>
<font size="2">Failure to establish a complete and effective succession plan, including preparation of internal talent and identification of potential external candidates where relevant for key roles, could impair our business until qualified replacements are found</font></LI>
<LI>
<font size="2">Approximately 45% of our employees are represented by unions and are covered by collective bargaining agreements. Renegotiating collective bargaining agreements could result in higher labour costs, project delays and work disruptions, including work stoppages or work slowdowns, which could adversely affect service to our customers and, in turn, our customer relationships and financial performance</font></LI>
<LI>
<font size="2">Ensuring the safety and security of our workforce operating in different environments including manholes, telephone poles, cell towers, vehicles, foreign news bureaus and war zones requires focus, processes and flexibility to avoid injury, service interruption, fines and reputational impact</font></LI>
<LI>
<font size="2">Deterioration in employee morale and engagement resulting from staff reductions, ongoing cost reductions or reorganizations could adversely affect our business and financial results</font></LI>
</UL>


<p>&nbsp;</p>


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<P>
6. <B><I>Financial Management</I></B></P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="5%" valign="top">6.1</td>
		<td width="95%" valign="top"><I>If we are unable to raise the capital we need and generate sufficient cash flows from operations, we may need to limit our capital expenditures or our investments in new businesses, or try to raise capital by disposing of assets</I></td>
	</tr>
	<tr>
		<td width="5%" valign="top">&nbsp;</td>
		<td width="95%" valign="top">&nbsp;</td>
	</tr>
	<tr>
		<td width="5%" valign="top">&nbsp;</td>
		<td width="95%" valign="top">
<font size="2">Our ability to meet our cash requirements and provide for planned
		growth depends on having access to adequate sources of capital and on
		our ability to generate cash flows from operations, which is subject to
		various risks including those described in this Safe Harbour Notice.</font><P>
<font size="2">Our ability to raise financing depends on our ability to access
the public equity and debt capital markets, as well as the bank credit market.
Our ability to access such markets and the cost and amount of funding available
depend largely on prevailing market conditions and the outlook for our business
and credit ratings at the time capital is raised. Risk factors such as capital
market disruptions, sovereign credit concerns in Europe, central bank monetary
policies, increased bank capitalization regulations, reduced bank lending in
general or fewer banks as a result of reduced activity or consolidation, could
reduce capital available or increase the cost of such capital. In addition, an
increased level of debt borrowings could result in lower credit ratings,
increased borrowing costs and a reduction in the amount of funding available to
us, including through equity offerings. Business acquisitions could also
adversely affect our outlook and credit ratings and have similar adverse
consequences. In addition, participants in the public capital and bank credit
markets have internal policies limiting their ability to invest in, or extend
credit to, any single entity or entity group or to a particular industry.</font></P><font size="2">Our bank credit facilities, including credit facilities supporting our commercial paper program, are provided by various financial institutions. While it is our intention to renew certain of such credit facilities from time to time, there are no assurances that these facilities will be renewed on favourable terms or in similar amounts.</font><P>
<font size="2">Differences between BCE&#146;s actual or anticipated financial results and the published expectations of financial analysts, as well as events affecting our business or operating environment, may contribute to volatility in BCE&#146;s securities. A major decline in the capital markets in general, or an adjustment in the market price or trading volumes of BCE&#146;s securities, may negatively affect our ability to raise capital, issue debt, retain senior executives and other key employees, make strategic acquisitions or enter into joint arrangements.</font></P>
<P>
<font size="2">If we cannot access the capital we need or generate cash flows to implement our business plan or meet our financial obligations on acceptable terms, we may have to limit our ongoing capital expenditures, limit our investment in new businesses, or try to raise additional capital by selling or otherwise disposing of assets. Any of these could have an adverse effect on our cash flows from operations and on our growth prospects.</font></P>
		</td>
	</tr>
</table>
<p>&nbsp;</p>


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<font size="2">24</font></P>


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&nbsp;</P>





<p>&nbsp;</p>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="5%" valign="top">6.2</td>
		<td width="95%" valign="top"><I>We cannot guarantee that BCE&#146;s dividend policy will be maintained or that dividends will be declared</I></td>
	</tr>
	<tr>
		<td width="5%" valign="top">&nbsp;</td>
		<td width="95%" valign="top">&nbsp;</td>
	</tr>
	<tr>
		<td width="5%" valign="top">&nbsp;</td>
		<td width="95%" valign="top">
<font size="2">The BCE Board of Directors (Board) reviews from time to time the adequacy of BCE&#146;s dividend policy with the objective of allowing sufficient financial flexibility to continue investing in our business while growing returns to shareholders. Under the current dividend policy, increases in the common share dividend are directly linked to growth in BCE&#146;s Free Cash Flow. BCE&#146;s dividend policy and the declaration of dividends on any of its outstanding shares are subject to the discretion of the BCE Board and, consequently, there can be no guarantee that BCE&#146;s dividend policy will be maintained or that dividends will be declared. The declaration of dividends by the BCE Board is ultimately dependent on BCE&#146;s operations and financial results which are, in turn, subject to
various assumptions and risks, including those set out in this Safe Harbour Notice.</font></td>
	</tr>
	<tr>
		<td width="5%" valign="top">&nbsp;</td>
		<td width="95%" valign="top">&nbsp;</td>
	</tr>
	<tr>
		<td width="5%" valign="top">6.3</td>
		<td width="95%" valign="top"><I>We are exposed to various credit, liquidity and market risks</I></td>
	</tr>
	<tr>
		<td width="5%" valign="top">&nbsp;</td>
		<td width="95%" valign="top">&nbsp;</td>
	</tr>
	<tr>
		<td width="5%" valign="top">&nbsp;</td>
		<td width="95%" valign="top">
<font size="2">Our exposure to credit, liquidity and market risks, including equity price, interest rate and currency fluctuations, is discussed in section 6.6, <I>Financial risk management </I>in the BCE 2014 Annual MD&amp;A and in Note 24 to BCE&#146;s 2014 consolidated financial statements, as updated in BCE&#146;s First Quarter (Q1) 2015 MD&amp;A, Second Quarter (Q2) 2015 MD&amp;A, Third Quarter (Q3) 2015 MD&amp;A and BCE&#146;s Q1 2015, Q2 2015 and Q3 2015 consolidated financial statements, respectively.</font><P>
<font size="2">Our failure to identify and manage our exposure to changes in interest rates, foreign exchange rates, BCE&#146;s share price and other market conditions could lead to missed opportunities, cash flow shortages, inability to complete planned capital expenditures, reputational damage, stock and debenture devaluations and challenges in raising capital on market competitive terms.</font></P>
		</td>
	</tr>
	<tr>
		<td width="5%" valign="top">&nbsp;</td>
		<td width="95%" valign="top">
&nbsp;</td>
	</tr>
	<tr>
		<td width="5%" valign="top">6.4</td>
		<td width="95%" valign="top"><I>The economic environment, pension rules
		as well as ineffective governance could have an adverse effect on our pension obligations, liquidity and financial performance and we may be required to increase contributions to our post-employment benefit plans in the future</I></td>
	</tr>
	<tr>
		<td width="5%" valign="top">&nbsp;</td>
		<td width="95%" valign="top">
&nbsp;</td>
	</tr>
	<tr>
		<td width="5%" valign="top">&nbsp;</td>
		<td width="95%" valign="top">
<font size="2">With a large pension plan membership, significant defined benefit
pension plans that are subject to the pressures of the global economic environment
and changing regulatory and reporting requirements, our pension obligations are exposed to potential volatility. Failure to
recognize and manage economic exposure and pension rule changes or to ensure that effective governance is in place for management and funding of pension
plan assets and obligations, could have an adverse impact on our liquidity and financial performance.</font><P>
<font size="2">The funding requirements of our post-employment benefit plans,
based on valuations of plan assets and obligations, depend on a number of
factors, including actual returns on post-employment benefit plan assets,
long-term interest rates, plan demographics, and applicable regulations and
actuarial standards. Changes in these factors could cause future contributions
to significantly differ from our current estimates and could require us </font></P>
		</td>
	</tr>
</table>
<p>&nbsp;</p>


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<font size="2">25</font></P>


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<P>
&nbsp;</P>





<p>&nbsp;</p>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="5%" valign="top">&nbsp;</td>
		<td width="95%" valign="top">
<P>
<font size="2">to increase contributions to our post-employment benefit plans in the future and, therefore, could have a negative effect on our liquidity and financial performance.</font></P>
<P>
<font size="2">There is no assurance that the assets of our post-employment benefit plans will earn their assumed rate of return. A substantial portion of our post-employment benefit plans&#146; assets is invested in public equity and debt securities. As a result, the ability of our post-employment benefit plans&#146; assets to earn the rate of return that we have assumed significantly depends on the performance of capital markets. Market conditions also impact the discount rate used to calculate our solvency obligations and, therefore, could also significantly affect our cash funding requirements.</font></P>
<P>
<font size="2">Our expected funding for 2016 is in accordance with the latest post-employment benefit plan valuations as of December 31, 2014, filed in June 2015, and takes into account voluntary contributions of &#36;250 million in 2015.</font></P>
		</td>
	</tr>
	<tr>
		<td width="5%" valign="top">&nbsp;</td>
		<td width="95%" valign="top">&nbsp;</td>
	</tr>
	<tr>
		<td width="5%" valign="top">6.5</td>
		<td width="95%" valign="top"><I>Income and commodity tax amounts may materially differ from the expected amounts</I></td>
	</tr>
	<tr>
		<td width="5%" valign="top">&nbsp;</td>
		<td width="95%" valign="top">&nbsp;</td>
	</tr>
	<tr>
		<td width="5%" valign="top">&nbsp;</td>
		<td width="95%" valign="top">
<font size="2">Our complex business operations are subject to various tax laws and the adoption of new tax laws, or regulations or rules thereunder, or changes thereto or in the interpretation thereof, could result in higher tax rates, new taxes or other adverse tax implications. In addition, while we believe that we have adequately provided for all income and commodity taxes based on all of the information that is currently available, the calculation of income taxes and the applicability of commodity taxes in many cases require significant judgment in interpreting tax rules and regulations. Our tax filings are subject to government audits that could result in material changes to the amount of current and deferred income tax assets and liabilities and other liabilities and could, in certain circumstances, result in an assessment of interest and penalties.</font></td>
	</tr>
	<tr>
		<td width="5%" valign="top">&nbsp;</td>
		<td width="95%" valign="top">
&nbsp;</td>
	</tr>
	<tr>
		<td width="5%" valign="top">6.6</td>
		<td width="95%" valign="top"><i>The failure to reduce costs as well as unexpected increases in costs could adversely affect our ability to achieve our strategic imperatives and our financial results</i></td>
	</tr>
	<tr>
		<td width="5%" valign="top">&nbsp;</td>
		<td width="95%" valign="top">
&nbsp;</td>
	</tr>
	<tr>
		<td width="5%" valign="top">&nbsp;</td>
		<td width="95%" valign="top">
<font size="2">Our objectives for targeted cost reductions continue to be aggressive but there is no assurance that we will be successful in reducing costs, especially since incremental cost savings are more difficult to achieve on an ongoing basis. Our cost reduction objectives require aggressive negotiations with our suppliers and there can be no assurance that such negotiations will be successful or that replacement products or services provided will not lead to operational issues.</font><P>
<font size="2">Examples of risks to our ability to reduce costs or of potential cost increases include:</font></P>
<UL>
<LI>
<font size="2">Achieving timely cost reductions while moving to an IP-based network is dependent on disciplined network decommissioning which can be delayed by customer contractual commitments, regulatory considerations and other unforeseen obstacles</font></LI>
<LI>
<font size="2">Increases in energy prices are partly influenced by government policies to address climate change which, combined with growing data demand that increases our energy requirements, could increase our energy costs beyond our current expectations</font></LI>
</UL></td>
	</tr>
</table>
<p>&nbsp;</p>


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<font size="2">26</font></P>


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<P>
&nbsp;</P>





<p>&nbsp;</p>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="5%" valign="top">&nbsp;</td>
		<td width="95%" valign="top">
<UL>
<LI>
<font size="2">Failure to successfully deliver on our contractual commitments whether due to security events, operational challenges or other reasons may result in financial penalties and loss of revenues</font></LI>
</UL></td>
	</tr>
	<tr>
		<td width="5%" valign="top">6.7</td>
		<td width="95%" valign="top"><I>The failure to evolve practices to effectively monitor and control fraudulent activities could result in financial loss and brand degradation</I></td>
	</tr>
	<tr>
		<td width="5%" valign="top">&nbsp;</td>
		<td width="95%" valign="top">&nbsp;</td>
	</tr>
	<tr>
		<td width="5%" valign="top">&nbsp;</td>
		<td width="95%" valign="top">
<font size="2">As a public company with a range of desirable and valuable products and services and approximately 50,000 employees, fraud requires a disciplined program covering governance, exposure identification and assessment, prevention, detection and reporting which considers corruption, misappropriation of assets and intentional manipulation of financial statements by employees and/or external parties. Fraud events can result in financial loss and brand degradation and specific examples relevant to us include:</font><UL>
<LI>
<font size="2">Subscription fraud on accounts established with false identity or paid with a stolen credit card</font></LI>
<LI>
<font size="2">Network usage fraud such as call sell operations using our wireline or wireless networks</font></LI>
<LI>
<font size="2">Copyright theft and other forms of unauthorized use undermine the exclusivity of Bell Media&#146;s content offerings and could potentially divert users to unlicensed or otherwise illegitimate platforms, thus impacting our ability to derive distribution and advertising revenues.</font></LI>
<LI>
<font size="2">TV distributors including Bell TV are subject to ongoing efforts to steal their services by way of compromise or circumvention of signal security systems causing revenue loss</font></LI>
</UL></td>
	</tr>
</table>





<P>
7. <B><I>Litigation and Legal Obligations</I></B></P>
<P>
<I>Legal proceedings, changes in applicable laws and the failure to proactively address our legal and regulatory obligations could have an adverse effect on our business and financial performance</I></P>
<P>
<font size="2">We become involved in various legal proceedings as part of our business. Plaintiffs within Canada are able to launch and obtain certification of class actions on behalf of a large group of people with increasing ease and Canadian provincial securities laws facilitate the introduction in Canada of class action lawsuits by secondary market investors against public companies for alleged misrepresentations in public disclosure documents and oral statements. Changes in laws or regulations, or in how they are interpreted, and the adoption of new laws or regulations, as well as pending or future litigation, including an increase in certified class actions which, by their nature, could result in sizeable damage awards and costs relating to litigation, could have an adverse effect on our business and financial performance.</font></P>
<P>
<font size="2">Examples of legal and regulatory obligations which we must comply with include those resulting from:</font></P>
<UL>
<LI>
<font size="2">As discussed in more detail in Section C. III, <I>Risks Relating to our Regulatory Environment</I>, decisions, policies and other initiatives of the CRTC, ISED, the Competition Bureau and other governmental agencies, as well as laws of a regulatory nature</font></LI>
<LI>
<font size="2">Consumer protection laws</font></LI>
<LI>
<font size="2">Tax legislation</font></LI>
</UL>
<p>&nbsp;</p>


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<font size="2">27</font></P>


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<p>&nbsp;</p>





<UL>
<LI>
<font size="2">Corporate and securities legislation</font></LI>
<LI>
<font size="2">IFRS</font></LI>
<LI>
<font size="2">Environmental protection laws</font></LI>
<LI>
<font size="2">Payment card industry standards for the protection against customer credit card infractions</font></LI>
</UL>
<P>
<font size="2">For a description of the principal legal proceedings involving
us, please see the section entitled <i>Legal Proceedings</i> contained in the
BCE 2014 annual information form, as updated in BCE&#146;s Q1 2015 MD&amp;A, Q2 2015 MD&amp;A
and Q3 2015 MD&amp;A.</font></P>
<P>
<font size="2">In addition, the following legal proceeding was recently instituted against Bell Canada, Bell ExpressVu and Bell Mobility:</font></P>
<P>
<font size="2">On November 27, 2015, a motion for authorization to institute a
class action was filed in the Qu&#233;bec Superior Court against Bell Canada, Bell
ExpressVu and Bell Mobility on behalf of all consumers whose monthly fees for
wireline telephone services, Internet services, FibeTV services, Satellite TV
services or wireless post-paid services were unilaterally modified at any time
since November 2012. The plaintiff alleges that the notices provided by the
defendants of the price increases or reductions of the bundle discount were not
permitted under the Qu&#233;bec <i>Consumer Protection Act</i> as a distinct notice
was not sent. The action seeks the reimbursement, since November 2012, of the
monthly price increases and/or reductions of the bundle discount, and payment of
punitive damages in the amount of $100 per class member. The action has not yet
been authorized as a class action.</font></P>





<P>
8. <B><I>Health and Environmental Concerns</I></B></P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="5%" valign="top">8.1</td>
		<td width="95%" valign="top">
<I>Health concerns about radiofrequency emissions from wireless communication devices, as well as epidemics and other health risks, could have an adverse effect on our business</I></td>
	</tr>
	<tr>
		<td width="5%" valign="top">&nbsp;</td>
		<td width="95%" valign="top">&nbsp;</td>
	</tr>
	<tr>
		<td width="5%" valign="top">&nbsp;</td>
		<td width="95%" valign="top">
<font size="2">Many studies have been performed or are ongoing to assess whether wireless phones, networks and towers pose a potential health risk. While some studies suggest links to certain conditions, others conclude there was no established causation between mobile phone usage and adverse health effects. ISED is responsible for approving radiofrequency equipment and performing compliance assessments and has chosen Health Canada&#146;s Safety Code 6, which sets the limits for safe exposure to radiofrequency at home or at work, as its exposure standard. This code also outlines safety requirements for the installation and operation of devices that emit radiofrequency fields such as mobile phones,
wireless fidelity (Wi-Fi) technologies and base station antennas. ISED has made compliance to Safety Code 6 mandatory for all proponents and operators of radio installations. We believe that the handsets and devices we sell, as well as our network equipment, comply with all Canadian government safety standards. We also rely on our suppliers to ensure that the equipment supplied to us meets all applicable safety and regulatory requirements.</font><P>
<font size="2">Our business is heavily dependent on radio-frequency technologies which could present significant challenges to our business and financial performance such as the following:</font></P></td>
	</tr>
	</table>


<p>&nbsp;</p>


<P align="right" style="margin-bottom: 0">
<font size="2">28</font></P>


<HR noshade size=1 color="#000000">





<p>&nbsp;</p>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="5%" valign="top">&nbsp;</td>
		<td width="95%" valign="top">
<UL>
<LI>
<font size="2">We face current and potential lawsuits relating to alleged adverse health effects on customers as well as our marketing and disclosure practices in connection therewith, and the likely outcome of such lawsuits is unpredictable and may change over time</font></LI>
<LI>
<font size="2">Changes in scientific evidence and/or public perceptions could lead to additional government regulations and costs for retrofitting infrastructure and handsets to achieve compliance</font></LI>
<LI>
<font size="2">Public concerns could result in a slower deployment of, or in our inability to deploy, infrastructure necessary to maintain and or expand our wireless network as required by market evolution</font></LI>
</UL>
<P>
<font size="2">In addition, epidemics, pandemics and other health risks could also occur, which could adversely affect our ability to maintain operational networks and provide services to our customers. Any of these events could have an adverse effect on our business and financial performance.</font></P></td>
	</tr>
	<tr>
		<td width="5%" valign="top">&nbsp;</td>
		<td width="95%" valign="top">&nbsp;</td>
	</tr>
	<tr>
		<td width="5%" valign="top">
<B>8.2</B></td>
		<td width="95%" valign="top"><I>Climate change and other environmental concerns could have an adverse effect on our business</I> </td>
	</tr>
	<tr>
		<td width="5%" valign="top">&nbsp;</td>
		<td width="95%" valign="top">&nbsp;</td>
	</tr>
	<tr>
		<td width="5%" valign="top">&nbsp;</td>
		<td width="95%" valign="top">
<font size="2">Global climate change could exacerbate certain of the threats facing our business, including the frequency and severity of weather-related events referred to in Section C. IV. 3.2, <I>Operational Performance &#150; Our operations and business continuity depend on how well we protect, test, maintain and replace our networks, IT systems, equipment and other facilities</I>. Several areas of our operations further raise environmental considerations, such as the storage of fuels, greenhouse gas emissions, disposal of hazardous residual materials and recovery and recycling of end-of-life electronic products we sell or lease. Failure to recognize and adequately respond to changing governmental and public expectations on environmental matters could result in fines, missed opportunities, additional regulatory scrutiny, or harm our brand and reputation.</font></td>
	</tr>
	</table>
<p>&nbsp;</p>


<P align="right" style="margin-bottom: 0">
<font size="2">29</font></P>


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</SEC-DOCUMENT>
