BCE Inc. Supplementary Financial Information

EX-99.2 3 supp_q416.htm SUPPLEMENTARY FINANCIAL INFORMATION - FOURTH QUARTER 2016 BCE Inc. Supplementary Financial Information – Fourth Quarter 2016

Exhibit 99.2

BCE ⁽¹⁾
Consolidated Operational Data

(In millions of Canadian dollars, except share amounts) (unaudited)		Q4 2016			Q4 2015			$ change		% change			TOTAL 2016			TOTAL 2015			$ change		% change
Operating revenues		5,702			5,603			99		1.8	%		21,719			21,514			205		1.0	%
Operating costs ^(A)		(3,521	)		(3,462	)		(59	)	(1.7	%)		(12,707	)		(12,682	)		(25	)	(0.2	%)
Post-employment benefit plans service cost		(60	)		(68	)		8		11.8	%		(224	)		(281	)		57		20.3	%
Adjusted EBITDA ⁽²⁾		2,121			2,073			48		2.3	%		8,788			8,551			237		2.8	%
Adjusted EBITDA margin ⁽²⁾		*37.2*	%		37.0	%				0.2	pts		*40.5*	%		39.7	%				0.8	pts
Severance, acquisition and other costs		(11	)		(152	)		141		92.8	%		(135	)		(446	)		311		69.7	%
Depreciation		(719	)		(731	)		12		1.6	%		(2,877	)		(2,890	)		13		0.4	%
Amortization		(165	)		(136	)		(29	)	(21.3	%)		(631	)		(530	)		(101	)	(19.1	%)
Finance costs
Interest expense		(225	)		(226	)		1		0.4	%		(888	)		(909	)		21		2.3	%
Interest on post-employment benefit obligations		(20	)		(28	)		8		28.6	%		(81	)		(110	)		29		26.4	%
Other (expense) income		(30	)		(70	)		40		57.1	%		21			(12	)		33		n.m.
Income taxes		(252	)		(188	)		(64	)	(34.0	%)		(1,110	)		(924	)		(186	)	(20.1	%)
Net earnings		699			542			157		29.0	%		3,087			2,730			357		13.1	%
Net earnings attributable to:
Common shareholders		657			496			161		32.5	%		2,894			2,526			368		14.6	%
Preferred shareholders		33			37			(4	)	(10.8	%)		137			152			(15	)	(9.9	%)
Non-controlling interest		9			9			-		-			56			52			4		7.7	%
Net earnings		699			542			157		29.0	%		3,087			2,730			357		13.1	%
Net earnings per common share - basic	$	0.75		$	0.58			0.17		29.3	%	$	3.33		$	2.98		$	0.35		11.7	%
Net earnings per common share - diluted	$	0.75		$	0.58			0.17		29.3	%	$	3.33		$	2.98		$	0.35		11.7	%
Dividends per common share	$	0.6825		$	0.6500		$	0.0325		5.0	%	$	2.7300		$	2.6000		$	0.1300		5.0	%
Average number of common shares outstanding - basic (millions)		870.5			853.5								869.1			847.1
Average number of common shares outstanding - diluted (millions)		871.6			854.9								870.3			848.3
Number of common shares outstanding (millions)		870.7			865.6								870.7			865.6
Adjusted net earnings and EPS
Net earnings attributable to common shareholders		657			496			161		32.5	%		2,894			2,526			368		14.6	%
Severance, acquisition and other costs		9			112			(103	)	(92.0	%)		104			327			(223	)	(68.2	%)
Net losses (gains) on investments		1			1			-		-			3			(21	)		24		n.m.
Early debt redemption costs		-			6			(6	)	(100.0	%)		8			13			(5	)	(38.5	%)
Adjusted net earnings ⁽²⁾		667			615			52		8.5	%		3,009			2,845			164		5.8	%
Impact on net earnings per share	$	0.01		$	0.14		$	(0.13	)	(92.9	%)	$	0.13		$	0.38		$	(0.25	)	(65.8	%)
Adjusted EPS ⁽²⁾	$	0.76		$	0.72		$	0.04		5.6	%	$	3.46		$	3.36		$	0.10		3.0	%

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

BCE Supplementary Financial Information - Fourth Quarter 2016 Page 2

BCE
Consolidated Operational Data - Historical Trend

(In millions of Canadian dollars, except share amounts) (unaudited)		TOTAL 2016			Q4 16			Q3 16			Q2 16			Q1 16			TOTAL 2015			Q4 15			Q3 15			Q2 15			Q1 15
Operating revenues		21,719			5,702			5,407			5,340			5,270			21,514			5,603			5,345			5,326			5,240
Operating costs ^(A)		(12,707	)		(3,521	)		(3,111	)		(3,016	)		(3,059	)		(12,682	)		(3,462	)		(3,089	)		(3,061	)		(3,070	)
Post-employment benefit plans service cost		(224	)		(60	)		(60	)		(56	)		(48	)		(281	)		(68	)		(69	)		(68	)		(76	)
Adjusted EBITDA		8,788			2,121			2,236			2,268			2,163			8,551			2,073			2,187			2,197			2,094
*Adjusted EBITDA margin*		*40.5*	%		*37.2*	%		41.4	%		42.5	%		41.0	%		39.7	%		37.0	%		40.9	%		41.3	%		40.0	%
Severance, acquisition and other costs		(135	)		(11	)		(25	)		(57	)		(42	)		(446	)		(152	)		(46	)		(24	)		(224	)
Depreciation		(2,877	)		(719	)		(706	)		(713	)		(739	)		(2,890	)		(731	)		(727	)		(720	)		(712	)
Amortization		(631	)		(165	)		(161	)		(156	)		(149	)		(530	)		(136	)		(133	)		(134	)		(127	)
Finance costs
Interest expense		(888	)		(225	)		(227	)		(217	)		(219	)		(909	)		(226	)		(227	)		(230	)		(226	)
Interest on post-employment benefit obligations		(81	)		(20	)		(20	)		(21	)		(20	)		(110	)		(28	)		(27	)		(28	)		(27	)
Other income (expense)		21			(30	)		(13	)		41			23			(12	)		(70	)		35			43			(20	)
Income taxes		(1,110	)		(252	)		(284	)		(315	)		(259	)		(924	)		(188	)		(271	)		(290	)		(175	)
Net earnings		3,087			699			800			830			758			2,730			542			791			814			583
Net earnings attributable to:
Common shareholders		2,894			657			752			778			707			2,526			496			739			759			532
Preferred shareholders		137			33			32			35			37			152			37			38			39			38
Non-controlling interest		56			9			16			17			14			52			9			14			16			13
Net earnings		3,087			699			800			830			758			2,730			542			791			814			583
Net earnings per common share - basic	$	3.33		$	0.75		$	0.87		$	0.89		$	0.82		$	2.98		$	0.58		$	0.87		$	0.90		$	0.63
Net earnings per common share - diluted	$	3.33		$	0.75		$	0.87		$	0.89		$	0.82		$	2.98		$	0.58		$	0.87		$	0.90		$	0.63
Dividends per common share	$	2.7300		$	0.6825		$	0.6825		$	0.6825		$	0.6825		$	2.6000		$	0.6500		$	0.6500		$	0.6500		$	0.6500
Average number of common shares outstanding - basic (millions)		869.1			870.5			869.9			869.1			867.1			847.1			853.5			848.9			844.9			841.0
Average number of common shares outstanding - diluted (millions)		870.3			871.6			871.4			870.3			868.1			848.3			854.9			850.1			846.2			842.6
Number of common shares outstanding (millions)		870.7			870.7			870.2			869.5			868.6			865.6			865.6			849.4			848.6			841.9
Adjusted net earnings and EPS
Net earnings attributable to common shareholders		2,894			657			752			778			707			2,526			496			739			759			532
Severance, acquisition and other costs		104			9			20			44			31			327			112			35			16			164
Net losses (gains) on investments		3			1			12			2			(12	)		(21	)		1			16			(40	)		2
Early debt redemption costs		8			-			-			-			8			13			6			-			-			7
Adjusted net earnings		3,009			667			784			824			734			2,845			615			790			735			705
Impact on net earnings per share	$	0.13		$	0.01		$	0.04		$	0.05		$	0.03		$	0.38		$	0.14		$	0.06		$	(0.03	)	$	0.21
Adjusted EPS	$	3.46		$	0.76		$	0.91		$	0.94		$	0.85		$	3.36		$	0.72		$	0.93		$	0.87		$	0.84

(A)	Excludes post-employment benefit plans service cost

BCE Supplementary Financial Information - Fourth Quarter 2016 Page 3

BCE
Segmented Data

(In millions of Canadian dollars, except where otherwise indicated) (unaudited)	Q4 2016		Q4 2015		$ change		% change		TOTAL 2016		TOTAL 2015		$ change		% change

Revenues
Bell Wireless	1,883		1,770		113		6.4	%	7,159		6,876		283		4.1	%
Bell Wireline	3,137		3,161		(24	)	(0.8	%)	12,104		12,258		(154	)	(1.3	%)
Bell Media	845		816		29		3.6	%	3,081		2,974		107		3.6	%
Inter-segment eliminations	(163	)	(144	)	(19	)	(13.2	%)	(625	)	(594	)	(31	)	(5.2	%)
Total	5,702		5,603		99		1.8	%	21,719		21,514		205		1.0	%

Operating costs
Bell Wireless	(1,209	)	(1,129	)	(80	)	(7.1	%)	(4,156	)	(4,048	)	(108	)	(2.7	%)
Bell Wireline	(1,878	)	(1,913	)	35		1.8	%	(7,062	)	(7,258	)	196		2.7	%
Bell Media	(657	)	(632	)	(25	)	(4.0	%)	(2,338	)	(2,251	)	(87	)	(3.9	%)
Inter-segment eliminations	163		144		19		13.2	%	625		594		31		5.2	%
Total	(3,581	)	(3,530	)	(51	)	(1.4	%)	(12,931	)	(12,963	)	32		0.2	%

Adjusted EBITDA
Bell Wireless	674		641		33		5.1	%	3,003		2,828		175		6.2	%
Margin	*35.8*	%	36.2	%			(0.4	) pts	*41.9*	%	41.1	%			0.8	pts
Bell Wireline	1,259		1,248		11		0.9	%	5,042		5,000		42		0.8	%
Margin	*40.1*	%	39.5	%			0.6	pts	*41.7*	%	40.8	%			0.9	pts
Bell Media	188		184		4		2.2	%	743		723		20		2.8	%
Margin	*22.2*	%	22.5	%			(0.3	) pts	*24.1*	%	24.3	%			(0.2	) pts
Total	2,121		2,073		48		2.3	%	8,788		8,551		237		2.8	%
Margin	*37.2*	%	37.0	%			0.2	pts	*40.5*	%	39.7	%			0.8	pts

Capital expenditures
Bell Wireless	193		193		-		-		733		716		(17	)	(2.4	%)
Capital intensity ⁽³⁾	*10.2*	%	10.9	%			0.7	pts	*10.2*	%	10.4	%			0.2	pts
Bell Wireline	778		741		(37	)	(5.0	%)	2,936		2,809		(127	)	(4.5	%)
Capital intensity	*24.8*	%	23.4	%			(1.4	) pts	*24.3*	%	22.9	%			(1.4	) pts
Bell Media	22		24		2		8.3	%	102		101		(1	)	(1.0	%)
Capital intensity	*2.6*	%	2.9	%			0.3	pts	*3.3*	%	3.4	%			0.1	pts
Total	993		958		(35	)	(3.7	%)	3,771		3,626		(145	)	(4.0	%)
Capital intensity	*17.4*	%	17.1	%			(0.3	) pts	*17.4*	%	16.9	%			(0.5	) pts

BCE Supplementary Financial Information - Fourth Quarter 2016 Page 4

BCE
Segmented Data - Historical Trend

(In millions of Canadian dollars, except where otherwise indicated) (unaudited)	TOTAL 2016		Q4 16		Q3 16		Q2 16		Q1 16		TOTAL 2015		Q4 15		Q3 15		Q2 15		Q1 15

Revenues
Bell Wireless	7,159		1,883		1,848		1,735		1,693		6,876		1,770		1,772		1,697		1,637
Bell Wireline	12,104		3,137		3,005		2,979		2,983		12,258		3,161		3,028		3,042		3,027
Bell Media	3,081		845		716		779		741		2,974		816		692		740		726
Inter-segment eliminations	(625	)	(163	)	(162	)	(153	)	(147	)	(594	)	(144	)	(147	)	(153	)	(150	)
Total	21,719		5,702		5,407		5,340		5,270		21,514		5,603		5,345		5,326		5,240

Operating costs
Bell Wireless	(4,156	)	(1,209	)	(1,052	)	(963	)	(932	)	(4,048	)	(1,129	)	(1,014	)	(980	)	(925	)
Bell Wireline	(7,062	)	(1,878	)	(1,752	)	(1,706	)	(1,726	)	(7,258	)	(1,913	)	(1,782	)	(1,777	)	(1,786	)
Bell Media	(2,338	)	(657	)	(529	)	(556	)	(596	)	(2,251	)	(632	)	(509	)	(525	)	(585	)
Inter-segment eliminations	625		163		162		153		147		594		144		147		153		150
Total	(12,931	)	(3,581	)	(3,171	)	(3,072	)	(3,107	)	(12,963	)	(3,530	)	(3,158	)	(3,129	)	(3,146	)

Adjusted EBITDA
Bell Wireless	3,003		674		796		772		761		2,828		641		758		717		712
Margin	*41.9*	%	*35.8*	%	43.1	%	44.5	%	44.9	%	41.1	%	36.2	%	42.8	%	42.3	%	43.5	%
Bell Wireline	5,042		1,259		1,253		1,273		1,257		5,000		1,248		1,246		1,265		1,241
Margin	*41.7*	%	*40.1*	%	41.7	%	42.7	%	42.1	%	40.8	%	39.5	%	41.1	%	41.6	%	41.0	%
Bell Media	743		188		187		223		145		723		184		183		215		141
Margin	*24.1*	%	*22.2*	%	26.1	%	28.6	%	19.6	%	24.3	%	22.5	%	26.4	%	29.1	%	19.4	%
Total	8,788		2,121		2,236		2,268		2,163		8,551		2,073		2,187		2,197		2,094
Margin	*40.5*	%	*37.2*	%	41.4	%	42.5	%	41.0	%	39.7	%	37.0	%	40.9	%	41.3	%	40.0	%

Capital expenditures
Bell Wireless	733		193		195		183		162		716		193		184		188		151
Capital intensity	*10.2*	%	*10.2*	%	10.6	%	10.5	%	9.6	%	10.4	%	10.9	%	10.4	%	11.1	%	9.2	%
Bell Wireline	2,936		778		756		733		669		2,809		741		716		696		656
Capital intensity	*24.3*	%	*24.8*	%	25.2	%	24.6	%	22.4	%	22.9	%	23.4	%	23.6	%	22.9	%	21.7	%
Bell Media	102		22		25		34		21		101		24		27		30		20
Capital intensity	*3.3*	%	*2.6*	%	3.5	%	4.4	%	2.8	%	3.4	%	2.9	%	3.9	%	4.1	%	2.8	%
Total	3,771		993		976		950		852		3,626		958		927		914		827
Capital intensity	*17.4*	%	*17.4*	%	18.1	%	17.8	%	16.2	%	16.9	%	17.1	%	17.3	%	17.2	%	15.8	%

BCE Supplementary Financial Information - Fourth Quarter 2016 Page 5

Bell Wireless ⁽¹⁾

(In millions of Canadian dollars, except where otherwise indicated) (unaudited)	Q4 2016		Q4 2015		% change		TOTAL 2016		TOTAL 2015		% change
Bell Wireless
Revenues
Service	1,702		1,588		7.2	%	6,602		6,246		5.7	%
Product	170		171		(0.6	%)	515		590		(12.7	%)
Total external Bell Wireless revenues	1,872		1,759		6.4	%	7,117		6,836		4.1	%
Inter-segment	11		11		-		42		40		5.0	%
Total Bell Wireless operating revenues	1,883		1,770		6.4	%	7,159		6,876		4.1	%
Operating costs	(1,209	)	(1,129	)	(7.1	%)	(4,156	)	(4,048	)	(2.7	%)
Adjusted EBITDA	674		641		5.1	%	3,003		2,828		6.2	%
Adjusted EBITDA margin (Total revenues)	*35.8*	%	36.2	%	(0.4	) pts	*41.9*	%	41.1	%	0.8	pts
Adjusted EBITDA margin (Service revenues)	*39.6*	%	40.4	%	(0.8	) pts	*45.5*	%	45.3	%	0.2	pts
Capital expenditures	193		193		-		733		716		(2.4	%)
Capital intensity	*10.2*	%	10.9	%	0.7	pts	*10.2*	%	10.4	%	0.2	pts
Wireless gross activations	490,948		449,650		9.2	%	1,654,882		1,600,147		3.4	%
Postpaid	434,008		387,696		11.9	%	1,408,030		1,338,141		5.2	%
Wireless net activations	87,923		62,464		40.8	%	223,041		127,203		75.3	%
Postpaid	112,393		91,308		23.1	%	315,311		265,369		18.8	%
Wireless subscribers end of period (EOP)	8,468,872		8,245,831		2.7	%	8,468,872		8,245,831		2.7	%
Postpaid	7,690,727		7,375,416		4.3	%	7,690,727		7,375,416		4.3	%
Average revenue per user ⁽³⁾(ARPU)($/month)	66.69		63.67		4.7	%	65.46		63.09		3.8	%
Churn (%) ⁽³⁾(average per month)	1.60	%	1.57	%	(0.03	) pts	1.44	%	1.51	%	0.07	pts
Prepaid	3.01	%	3.19	%	0.18	pts	3.13	%	3.32	%	0.19	pts
Postpaid	1.45	%	1.38	%	(0.07	) pts	1.25	%	1.28	%	0.03	pts
Cost of acquisition (COA) ⁽³⁾($/subscriber)	541		525		(3.0	%)	494		467		(5.8	%)

BCE Supplementary Financial Information - Fourth Quarter 2016 Page 6

Bell Wireless - Historical Trend

(In millions of Canadian dollars, except where otherwise indicated) (unaudited)	TOTAL 2016		Q4 16		Q3 16		Q2 16		Q1 16		TOTAL 2015		Q4 15		Q3 15		Q2 15		Q1 15
Bell Wireless
Revenues
Service	6,602		1,702		1,711		1,610		1,579		6,246		1,588		1,619		1,539		1,500
Product	515		170		127		114		104		590		171		143		149		127
Total external Bell Wireless revenues	7,117		1,872		1,838		1,724		1,683		6,836		1,759		1,762		1,688		1,627
Inter-segment	42		11		10		11		10		40		11		10		9		10
Total Bell Wireless operating revenues	7,159		1,883		1,848		1,735		1,693		6,876		1,770		1,772		1,697		1,637
Operating costs	(4,156	)	(1,209	)	(1,052	)	(963	)	(932	)	(4,048	)	(1,129	)	(1,014	)	(980	)	(925	)
Adjusted EBITDA	3,003		674		796		772		761		2,828		641		758		717		712
Adjusted EBITDA margin (Total revenues)	*41.9*	%	*35.8*	%	43.1	%	44.5	%	44.9	%	41.1	%	36.2	%	42.8	%	42.3	%	43.5	%
Adjusted EBITDA margin (Service revenues)	*45.5*	%	*39.6*	%	46.5	%	48.0	%	48.2	%	45.3	%	40.4	%	46.8	%	46.6	%	47.5	%
Capital expenditures	733		193		195		183		162		716		193		184		188		151
Capital intensity	*10.2*	%	*10.2*	%	10.6	%	10.5	%	9.6	%	10.4	%	10.9	%	10.4	%	11.1	%	9.2	%
Wireless gross activations	1,654,882		490,948		453,078		379,233		331,623		1,600,147		449,650		424,164		384,973		341,360
Postpaid	1,408,030		434,008		381,630		316,977		275,415		1,338,141		387,696		353,652		317,809		278,984
Wireless net activations	223,041		87,923		100,256		44,730		(9,868	)	127,203		62,464		58,543		22,110		(15,914	)
Postpaid	315,311		112,393		107,265		69,848		25,805		265,369		91,308		77,655		61,033		35,373
Wireless subscribers EOP	8,468,872		8,468,872		8,380,949		8,280,693		8,235,963		8,245,831		8,245,831		8,183,367		8,124,824		8,102,714
Postpaid	7,690,727		7,690,727		7,578,334		7,471,069		7,401,221		7,375,416		7,375,416		7,284,108		7,206,453		7,145,420
ARPU ($/month)	65.46		66.69		67.76		64.32		63.02		63.09		63.67		65.34		62.48		60.83
Churn (%)(average per month)	1.44	%	1.60	%	1.41	%	1.35	%	1.38	%	1.51	%	1.57	%	1.49	%	1.49	%	1.47	%
Prepaid	3.13	%	3.01	%	2.86	%	3.21	%	3.42	%	3.32	%	3.19	%	2.98	%	3.48	%	3.60	%
Postpaid	1.25	%	1.45	%	1.26	%	1.15	%	1.15	%	1.28	%	1.38	%	1.31	%	1.23	%	1.18	%
COA ($/subscriber)	494		541		459		478		494		467		525		446		434		452

BCE Supplementary Financial Information - Fourth Quarter 2016 Page 7

Bell Wireline ⁽¹⁾

(In millions of Canadian dollars, except where otherwise indicated) (unaudited)	Q4 2016		Q4 2015		% change		TOTAL 2016		TOTAL 2015		% change
Bell Wireline
Revenues
Data	1,916		1,862		2.9	%	7,350		7,163		2.6	%
Local & access	753		802		(6.1	%)	3,089		3,271		(5.6	%)
Long distance	178		204		(12.7	%)	741		831		(10.8	%)
Equipment & other	237		250		(5.2	%)	737		778		(5.3	%)
Total external Bell Wireline revenues	3,084		3,118		(1.1	%)	11,917		12,043		(1.0	%)
Inter-segment revenues	53		43		23.3	%	187		215		(13.0	%)
Total Bell Wireline operating revenues	3,137		3,161		(0.8	%)	12,104		12,258		(1.3	%)
Operating costs	(1,878	)	(1,913	)	1.8	%	(7,062	)	(7,258	)	2.7	%
Adjusted EBITDA	1,259		1,248		0.9	%	5,042		5,000		0.8	%
Adjusted EBITDA margin	*40.1*	%	39.5	%	0.6	pts	*41.7*	%	40.8	%	0.9	pts
Capital expenditures	778		741		(5.0	%)	2,936		2,809		(4.5	%)
Capital intensity	*24.8*	%	23.4	%	(1.4	) pts	*24.3*	%	22.9	%	(1.4	) pts
High-speed Internet
High-speed Internet net activations	18,402		38,908		(52.7	%)	85,099		155,052		(45.1	%)
High-speed Internet subscribers EOP ^(A)	3,476,562		3,413,147		1.9	%	3,476,562		3,413,147		1.9	%
TV
Net subscriber (losses) activations	(964	)	37,786		(102.6	%)	6,413		107,380		(94.0	%)
Internet protocol television (IPTV)	35,905		74,092		(51.5	%)	155,153		253,329		(38.8	%)
Total subscribers EOP	2,744,909		2,738,496		0.2	%	2,744,909		2,738,496		0.2	%
IPTV	1,337,944		1,182,791		13.1	%	1,337,944		1,182,791		13.1	%
Local
Network access services (NAS)
Residential	3,249,739		3,533,732		(8.0	%)	3,249,739		3,533,732		(8.0	%)
Business ^(A)	3,007,993		3,154,934		(4.7	%)	3,007,993		3,154,934		(4.7	%)
Total ^(A)	6,257,732		6,688,666		(6.4	%)	6,257,732		6,688,666		(6.4	%)
NAS net losses
Residential	(67,385	)	(58,081	)	(16.0	%)	(283,993	)	(278,124	)	(2.1	%)
Business	(33,245	)	(48,829	)	31.9	%	(131,415	)	(160,310	)	18.0	%
Total	(100,630	)	(106,910	)	5.9	%	(415,408	)	(438,434	)	5.3	%

(A)	Our Q1 2016 business Internet and business NAS subscriber bases reflect a beginning of period adjustment to reduce the number of subscribers by 21,684 and 15,526, respectively, in order to align practices as a result of the integration of our former Bell Aliant segment (Bell Aliant).

BCE Supplementary Financial Information - Fourth Quarter 2016 Page 8

Bell Wireline - Historical Trend

(In millions of Canadian dollars, except where otherwise indicated) (unaudited)	TOTAL 2016		Q4 16		Q3 16		Q2 16		Q1 16		TOTAL 2015		Q4 15		Q3 15		Q2 15		Q1 15
Bell Wireline
Revenues
Data	7,350		1,916		1,833		1,807		1,794		7,163		1,862		1,770		1,774		1,757
Local & access	3,089		753		766		781		789		3,271		802		818		827		824
Long distance	741		178		189		183		191		831		204		207		207		213
Equipment & other	737		237		165		167		168		778		250		181		174		173
Total external Bell Wireline revenues	11,917		3,084		2,953		2,938		2,942		12,043		3,118		2,976		2,982		2,967
Inter-segment revenues	187		53		52		41		41		215		43		52		60		60
Total Bell Wireline operating revenues	12,104		3,137		3,005		2,979		2,983		12,258		3,161		3,028		3,042		3,027
Operating costs	(7,062	)	(1,878	)	(1,752	)	(1,706	)	(1,726	)	(7,258	)	(1,913	)	(1,782	)	(1,777	)	(1,786	)
Adjusted EBITDA	5,042		1,259		1,253		1,273		1,257		5,000		1,248		1,246		1,265		1,241
Adjusted EBITDA margin	*41.7*	%	*40.1*	%	41.7	%	42.7	%	42.1	%	40.8	%	39.5	%	41.1	%	41.6	%	41.0	%
Capital expenditures	2,936		778		756		733		669		2,809		741		716		696		656
Capital intensity	*24.3*	%	*24.8*	%	25.2	%	24.6	%	22.4	%	22.9	%	23.4	%	23.6	%	22.9	%	21.7	%
High-speed Internet
High-speed Internet net activations	85,099		18,402		39,375		7,539		19,783		155,052		38,908		57,888		18,606		39,650
High-speed Internet subscribers EOP ^(A)	3,476,562		3,476,562		3,458,160		3,418,785		3,411,246		3,413,147		3,413,147		3,374,239		3,316,351		3,297,745
TV
Net subscriber activations (losses)	6,413		(964	)	(4,723	)	2,101		9,999		107,380		37,786		25,914		16,690		26,990
IPTV	155,153		35,905		36,253		35,255		47,740		253,329		74,092		67,908		50,466		60,863
Total subscribers EOP	2,744,909		2,744,909		2,745,873		2,750,596		2,748,495		2,738,496		2,738,496		2,700,710		2,674,796		2,658,106
IPTV	1,337,944		1,337,944		1,302,039		1,265,786		1,230,531		1,182,791		1,182,791		1,108,699		1,040,791		990,325
Local
NAS
Residential	3,249,739		3,249,739		3,317,124		3,397,711		3,466,304		3,533,732		3,533,732		3,591,813		3,670,167		3,745,986
Business ^(A)	3,007,993		3,007,993		3,041,238		3,078,972		3,099,204		3,154,934		3,154,934		3,203,763		3,233,485		3,271,175
Total ^(A)	6,257,732		6,257,732		6,358,362		6,476,683		6,565,508		6,688,666		6,688,666		6,795,576		6,903,652		7,017,161
NAS net losses
Residential	(283,993	)	(67,385	)	(80,587	)	(68,593	)	(67,428	)	(278,124	)	(58,081	)	(78,354	)	(75,819	)	(65,870	)
Business	(131,415	)	(33,245	)	(37,734	)	(20,232	)	(40,204	)	(160,310	)	(48,829	)	(29,722	)	(37,690	)	(44,069	)
Total	(415,408	)	(100,630	)	(118,321	)	(88,825	)	(107,632	)	(438,434	)	(106,910	)	(108,076	)	(113,509	)	(109,939	)

(A)	Our Q1 2016 business Internet and business NAS subscriber bases reflect a beginning of period adjustment to reduce the number of subscribers by 21,684 and 15,526, respectively, in order to align practices as a result of the integration of Bell Aliant.

BCE Supplementary Financial Information - Fourth Quarter 2016 Page 9

BCE
Net debt and other information

BCE - Net debt and preferred shares
(In millions of Canadian dollars, except where otherwise indicated) (unaudited)
	December 31		September 30		June 30		March 31		December 31
	2016		2016		2016		2016		2015
Debt due within one year	4,887		4,991		4,532		4,516		4,895
Long-term debt	16,572		16,505		15,817		15,837		15,390
Preferred shares - BCE^(A)	2,002		2,002		2,002		2,002		2,002
Cash and cash equivalents	(853	)	(1,393	)	(615	)	(423	)	(613	)
Net debt ⁽²⁾	22,608		22,105		21,736		21,932		21,674

Net debt leverage ratio⁽²⁾	2.57		2.53		2.50		2.54		2.53
Adjusted EBITDA/net interest expense ratio⁽²⁾	9.31		9.21		9.09		8.89		8.76

Cash flow information
(In millions of Canadian dollars, except where otherwise indicated) (unaudited)	Q4 2016		Q4 2015		$ change		% change		TOTAL 2016		TOTAL 2015		$ change		% change
Free cash flow (FCF) ⁽²⁾
Cash from operating activities	1,520		1,510		10		0.7	%	6,643		6,274		369		5.9	%
Capital expenditures	(993	)	(958	)	(35	)	(3.7	%)	(3,771	)	(3,626	)	(145	)	(4.0	%)
Dividends paid on preferred shares	(21	)	(37	)	16		43.2	%	(126	)	(150	)	24		16.0	%
Dividends paid by subsidiaries to non-controlling interest	(11	)	(8	)	(3	)	(37.5	%)	(46	)	(41	)	(5	)	(12.2	%)
Acquisition and other costs paid	28		159		(131	)	(82.4	%)	126		292		(166	)	(56.8	%)
Voluntary defined benefit pension plan contribution	400		250		150		60.0	%	400		250		150		60.0	%
FCF	923		916		7		0.8	%	3,226		2,999		227		7.6	%

Cash flow information - Historical trend
(In millions of Canadian dollars, except where otherwise indicated) (unaudited)	TOTAL 2016		Q4 2016		Q3 2016		Q2 2016		Q1 2016		TOTAL 2015		Q4 2015		Q3 2015		Q2 2015		Q1 2015
FCF
Cash from operating activities	6,643		1,520		1,943		1,890		1,290		6,274		1,510		1,878		1,841		1,045
Capital expenditures	(3,771	)	(993	)	(976	)	(950	)	(852	)	(3,626	)	(958	)	(927	)	(914	)	(827	)
Dividends paid on preferred shares	(126	)	(21	)	(34	)	(35	)	(36	)	(150	)	(37	)	(37	)	(37	)	(39	)
Dividends paid by subsidiaries to non-controlling interest	(46	)	(11	)	(13	)	(10	)	(12	)	(41	)	(8	)	(26	)	(7	)	-
Acquisition and other costs paid	126		28		31		39		28		292		159		33		48		52
Voluntary defined benefit pension plan contribution	400		400		-		-		-		250		250		-		-		-
FCF	3,226		923		951		934		418		2,999		916		921		931		231

(A)	Net debt includes 50% of preferred shares

BCE Supplementary Financial Information - Fourth Quarter 2016 Page 10

BCE
Consolidated Statements of Financial Position

(In millions of Canadian dollars, except where otherwise indicated) (unaudited)	December 31 2016		September 30 2016		June 30 2016		March 31 2016		December 31 2015
*ASSETS*
Current assets
Cash	603		740		319		102		100
Cash equivalents	250		653		296		321		513
Trade and other receivables	2,979		2,710		2,671		2,817		3,009
Loan to related party	-		510		-		-		-
Inventory	403		420		415		414		416
Prepaid expenses	420		461		543		543		393
Other current assets	200		166		197		223		377
Total current assets	4,855		5,660		4,441		4,420		4,808
Non-current assets
Property, plant and equipment	22,346		21,878		21,719		21,582		21,630
Intangible assets	11,998		11,655		11,430		11,334		11,176
Deferred tax assets	89		121		116		105		89
Investments in associates and joint ventures	852		1,033		1,110		1,105		1,119
Other non-current assets	1,010		784		834		782		794
Goodwill	8,958		8,618		8,618		8,618		8,377
Total non-current assets	45,253		44,089		43,827		43,526		43,185
Total assets	50,108		49,749		48,268		47,946		47,993
*LIABILITIES*
Current liabilities
Trade payables and other liabilities	4,326		4,025		3,996		4,077		4,287
Interest payable	156		149		142		146		148
Dividends payable	617		605		606		606		576
Current tax liabilities	122		144		122		37		86
Debt due within one year	4,887		4,991		4,532		4,516		4,895
Total current liabilities	10,108		9,914		9,398		9,382		9,992
Non-current liabilities
Long-term debt	16,572		16,505		15,817		15,837		15,390
Deferred tax liabilities	2,192		1,603		1,570		1,608		1,824
Post-employment benefit obligations	2,105		3,579		3,307		2,888		2,038
Other non-current liabilities	1,277		1,394		1,412		1,411		1,420
Total non-current liabilities	22,146		23,081		22,106		21,744		20,672
Total liabilities	32,254		32,995		31,504		31,126		30,664

*EQUITY*
Equity attributable to BCE shareholders
Preferred shares	4,004		4,004		4,004		4,004		4,004
Common shares	18,370		18,340		18,300		18,251		18,100
Contributed surplus	1,160		1,151		1,140		1,124		1,150
Accumulated other comprehensive income	46		32		48		55		119
Deficit	(6,040	)	(7,086	)	(7,039	)	(6,919	)	(6,350	)
Total equity attributable to BCE shareholders	17,540		16,441		16,453		16,515		17,023
Non-controlling interest	314		313		311		305		306
Total equity	17,854		16,754		16,764		16,820		17,329
Total liabilities and equity	50,108		49,749		48,268		47,946		47,993
Number of common shares outstanding (millions)	870.7		870.2		869.5		868.6		865.6

BCE Supplementary Financial Information - Fourth Quarter 2016 Page 11

BCE
Consolidated Cash Flow Data

(In millions of Canadian dollars, except where otherwise indicated) (unaudited)	Q4 2016		Q4 2015		$ change		TOTAL 2016		TOTAL 2015		$ change
Net earnings	699		542		157		3,087		2,730		357
Adjustments to reconcile net earnings to cash flows from operating activities
Severance, acquisition and other costs	11		152		(141	)	135		446		(311	)
Depreciation and amortization	884		867		17		3,508		3,420		88
Post-employment benefit plans cost	80		96		(16	)	305		391		(86	)
Net interest expense	220		223		(3	)	875		900		(25	)
(Gains) losses on investments	(10	)	1		(11	)	(58	)	(72	)	14
Income taxes	252		188		64		1,110		924		186
Contributions to post-employment benefit plans	(477	)	(317	)	(160	)	(725	)	(566	)	(159	)
Payments under other post-employment benefit plans	(21	)	(19	)	(2	)	(76	)	(75	)	(1	)
Severance and other costs paid	(36	)	(44	)	8		(231	)	(190	)	(41	)
Interest paid	(221	)	(229	)	8		(882	)	(911	)	29
Income taxes paid (net of refunds)	(102	)	(154	)	52		(565	)	(672	)	107
Acquisition and other costs paid	(28	)	(159	)	131		(126	)	(292	)	166
Net change in operating assets and liabilities	269		363		(94	)	286		241		45
Cash flows from operating activities	1,520		1,510		10		6,643		6,274		369
Capital expenditures	(993	)	(958	)	(35	)	(3,771	)	(3,626	)	(145	)
Cash dividends paid on preferred shares	(21	)	(37	)	16		(126	)	(150	)	24
Cash dividends paid by subsidiaries to non-controlling interest	(11	)	(8	)	(3	)	(46	)	(41	)	(5	)
Acquisition and other costs paid	28		159		(131	)	126		292		(166	)
Voluntary defined benefit pension plan contribution	400		250		150		400		250		150
Free cash flow	923		916		7		3,226		2,999		227
Business acquisitions	(158	)	(25	)	(133	)	(404	)	(311	)	(93	)
Acquisition and other costs paid	(28	)	(159	)	131		(126	)	(292	)	166
Voluntary defined benefit pension plan contribution	(400	)	(250	)	(150	)	(400	)	(250	)	(150	)
Business dispositions	(2	)	-		(2	)	18		409		(391	)
Decrease in investments	85		1		84		107		11		96
Acquisition of spectrum licences	-		(1	)	1		(1	)	(535	)	534
Loan to related party	(7	)	-		(7	)	(517	)	-		(517	)
Other investing activities	(16	)	(37	)	21		(16	)	(62	)	46
Increase (decrease) in notes payable and bank advances	89		(596	)	685		991		76		915
(Reduction) increase in securitized trade receivables	(305	)	-		(305	)	-		10		(10	)
Issue of long-term debt	-		996		(996	)	2,244		1,498		746
Repayment of long-term debt	(124	)	(1,107	)	983		(2,516	)	(2,084	)	(432	)
Issue of common shares	1		888		(887	)	99		952		(853	)
Common shares issuance cost	-		(35	)	35		-		(35	)	35
Repurchase of shares for settlement of share-based payments	(12	)	(41	)	29		(106	)	(138	)	32
Cash dividends paid on common shares	(593	)	(552	)	(41	)	(2,305	)	(2,169	)	(136	)
Other financing activities	7		(7	)	14		(54	)	(32	)	(22	)
	(1,463	)	(925	)	(538	)	(2,986	)	(2,952	)	(34	)
Net (decrease) increase in cash and cash equivalents	(540	)	(9	)	(531	)	240		47		193
Cash and cash equivalents at beginning of period	1,393		622		771		613		566		47
Cash and cash equivalents at end of period	853		613		240		853		613		240

BCE Supplementary Financial Information - Fourth Quarter 2016 Page 12

BCE
Consolidated Cash Flow Data - Historical Trend

(In millions of Canadian dollars, except where otherwise indicated) (unaudited)	TOTAL 2016		Q4 16		Q3 16		Q2 16		Q1 16		TOTAL 2015		Q4 15		Q3 15		Q2 15		Q1 15
Net earnings	3,087		699		800		830		758		2,730		542		791		814		583
Adjustments to reconcile net earnings to cash flows from operating activities
Severance, acquisition and other costs	135		11		25		57		42		446		152		46		24		224
Depreciation and amortization	3,508		884		867		869		888		3,420		867		860		854		839
Post-employment benefit plans cost	305		80		80		77		68		391		96		96		96		103
Net interest expense	875		220		222		215		218		900		223		225		229		223
(Gains) losses on investments	(58	)	(10	)	(34	)	2		(16	)	(72	)	1		19		(94	)	2
Income taxes	1,110		252		284		315		259		924		188		271		290		175
Contributions to post-employment benefit plans	(725	)	(477	)	(78	)	(80	)	(90	)	(566	)	(317	)	(76	)	(92	)	(81	)
Payments under other post-employment benefit plans	(76	)	(21	)	(17	)	(19	)	(19	)	(75	)	(19	)	(18	)	(18	)	(20	)
Severance and other costs paid	(231	)	(36	)	(48	)	(61	)	(86	)	(190	)	(44	)	(45	)	(52	)	(49	)
Interest paid	(882	)	(221	)	(219	)	(221	)	(221	)	(911	)	(229	)	(225	)	(230	)	(227	)
Income taxes paid (net of refunds)	(565	)	(102	)	(123	)	(102	)	(238	)	(672	)	(154	)	(66	)	(119	)	(333	)
Acquisition and other costs paid	(126	)	(28	)	(31	)	(39	)	(28	)	(292	)	(159	)	(33	)	(48	)	(52	)
Net change in operating assets and liabilities	286		269		215		47		(245	)	241		363		33		187		(342	)
Cash flows from operating activities	6,643		1,520		1,943		1,890		1,290		6,274		1,510		1,878		1,841		1,045
Capital expenditures	(3,771	)	(993	)	(976	)	(950	)	(852	)	(3,626	)	(958	)	(927	)	(914	)	(827	)
Cash dividends paid on preferred shares	(126	)	(21	)	(34	)	(35	)	(36	)	(150	)	(37	)	(37	)	(37	)	(39	)
Cash dividends paid by subsidiaries to non-controlling interest	(46	)	(11	)	(13	)	(10	)	(12	)	(41	)	(8	)	(26	)	(7	)	-
Acquisition and other costs paid	126		28		31		39		28		292		159		33		48		52
Voluntary defined benefit pension plan contribution	400		400		-		-		-		250		250		-		-		-
Free cash flow	3,226		923		951		934		418		2,999		916		921		931		231
Business acquisitions	(404	)	(158	)	-		(1	)	(245	)	(311	)	(25	)	(2	)	(284	)	-
Acquisition and other costs paid	(126	)	(28	)	(31	)	(39	)	(28	)	(292	)	(159	)	(33	)	(48	)	(52	)
Voluntary defined benefit pension plan contribution	(400	)	(400	)	-		-		-		(250	)	(250	)	-		-		-
Business dispositions	18		(2	)	2		2		16		409		-		2		407		-
Decrease in investments	107		85		22		-		-		11		1		6		-		4
Acquisition of spectrum licences	(1	)	-		-		(1	)	-		(535	)	(1	)	(5	)	(429	)	(100	)
Loan to related party	(517	)	(7	)	(510	)	-		-		-		-		-		-		-
Other investing activities	(16	)	(16	)	(21	)	(14	)	35		(62	)	(37	)	(19	)	(7	)	1
Increase (decrease) in notes payable and bank advances	991		89		4		173		725		76		(596	)	555		(574	)	691
(Reduction) increase in securitized trade receivables	-		(305	)	305		-		-		10		-		(305	)	315		-
Issue of long-term debt	2,244		-		1,497		-		747		1,498		996		-		-		502
Repayment of long-term debt	(2,516	)	(124	)	(812	)	(270	)	(1,310	)	(2,084	)	(1,107	)	(108	)	(723	)	(146	)
Issue of common shares	99		1		6		19		73		952		888		7		19		38
Common shares issuance cost	-		-		-		-		-		(35	)	(35	)	-		-		-
Repurchase of shares for settlement of share-based payments	(106	)	(12	)	(15	)	(11	)	(68	)	(138	)	(41	)	(11	)	(13	)	(73	)
Cash dividends paid on common shares	(2,305	)	(593	)	(594	)	(592	)	(526	)	(2,169	)	(552	)	(551	)	(547	)	(519	)
Other financing activities	(54	)	7		(26	)	(8	)	(27	)	(32	)	(7	)	(4	)	(3	)	(18	)
	(2,986	)	(1,463	)	(173	)	(742	)	(608	)	(2,952	)	(925	)	(468	)	(1,887	)	328
Net increase (decrease) in cash and cash equivalents	240		(540	)	778		192		(190	)	47		(9	)	453		(956	)	559
Cash and cash equivalents at beginning of period	613		1,393		615		423		613		566		622		169		1,125		566
Cash and cash equivalents at end of period	853		853		1,393		615		423		613		613		622		169		1,125

BCE Supplementary Financial Information - Fourth Quarter 2016 Page 13

Accompanying Notes

(1)

We report our results in three segments: Bell Wireless, Bell Wireline and Bell Media. Our reporting structure reflects how we manage our business and how we classify our results for planning and measuring performance.

Throughout this report, we, us, our, the company and BCE mean, as the context may require, either BCE Inc. or, collectively, BCE Inc., Bell Canada, their subsidiaries, joint arrangements and associates.

(2)

Non-GAAP Financial Measures

Adjusted EBITDA and adjusted EBITDA margin

The terms adjusted EBITDA and adjusted EBITDA margin do not have any standardized meaning under International Financial Reporting Standards (IFRS). Therefore, they are unlikely to be comparable to similar measures presented by other issuers.

We define adjusted EBITDA as operating revenues less operating costs (including post-employment benefit plans service cost) as shown in BCE’s consolidated income statements. Adjusted EBITDA for BCE’s segments is the same as segment profit as reported in BCE’s consolidated financial statements. We define adjusted EBITDA margin as adjusted EBITDA divided by operating revenues.

We use adjusted EBITDA and adjusted EBITDA margin to evaluate the performance of our businesses as they reflect their ongoing profitability. We believe that certain investors and analysts use adjusted EBITDA to measure a company’s ability to service debt and to meet other payment obligations or as a common measurement to value companies in the telecommunications industry. We believe that certain investors and analysts also use adjusted EBITDA and adjusted EBITDA margin to evaluate the performance of our businesses. Adjusted EBITDA also is one component in the determination of short-term incentive compensation for all management employees.

Adjusted EBITDA and adjusted EBITDA margin have no directly comparable IFRS financial measure. Alternatively, adjusted EBITDA may be reconciled to net earnings as shown in this document.

Adjusted net earnings and adjusted earnings per share (EPS)

The terms adjusted net earnings and adjusted EPS do not have any standardized meaning under IFRS. Therefore, they are unlikely to be comparable to similar measures presented by other issuers.

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. We exclude these items because they affect the comparability of our financial results and could potentially distort the analysis of trends in business performance. Excluding these items does not imply they are non-recurring.

The most comparable IFRS financial measures are net earnings attributable to common shareholders and EPS, as reconciled in this document.

BCE Supplementary Financial Information - Fourth Quarter 2016 Page 14

Accompanying Notes

Free cash flow

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

We define free cash flow as cash flows from operating activities, excluding acquisition and other costs paid (which include significant litigation costs) and voluntary pension funding, less capital expenditures, preferred share dividends and dividends paid by subsidiaries to non-controlling interest. We exclude acquisition and other costs paid and voluntary pension funding because they affect the comparability of our financial results and could potentially distort the analysis of trends in business performance. Excluding these items does not imply they are non-recurring.

We consider free cash flow to be an important indicator of the financial strength and performance of our businesses because it shows how much cash is available to pay dividends, repay debt and reinvest in our company.

We believe that certain investors and analysts use free cash flow to value a business and its underlying assets and to evaluate the financial strength and performance of our businesses.

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

Net debt

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

We define net debt as debt due within one year plus long-term debt and 50% of preferred shares less cash and cash equivalents, as shown in BCE’s consolidated statements of financial position. We include 50% of outstanding preferred shares in our net debt as it is consistent with the treatment by certain credit rating agencies.

We consider net debt to be an important indicator of the company’s financial leverage because it represents the amount of debt that is not covered by available cash and cash equivalents. We believe that certain investors and analysts use net debt to determine a company’s financial leverage.

Net debt has no directly comparable IFRS financial measure, but rather is calculated using several asset and liability categories from the statements of financial position, as shown in this document.

Net debt leverage ratio

The net debt leverage ratio does not have any standardized meaning under IFRS. Therefore, it is unlikely to be comparable to similar measures presented by other issuers. We use, and believe that certain investors and analysts use, the net debt leverage ratio as a measure of financial leverage.

The net debt leverage ratio represents net debt divided by adjusted EBITDA. For the purposes of calculating our net debt leverage ratio, adjusted EBITDA is twelve-month trailing adjusted EBITDA.

BCE Supplementary Financial Information - Fourth Quarter 2016 Page 15

Accompanying Notes

Adjusted EBITDA to net interest expense ratio

The ratio of adjusted EBITDA to net interest expense does not have any standardized meaning under IFRS. Therefore, it is unlikely to be comparable to similar measures presented by other issuers. We use, and believe that certain investors and analysts use, the adjusted EBITDA to net interest expense ratio as a measure of financial health of the company.

The adjusted EBITDA to net interest expense ratio represents adjusted EBITDA divided by net interest expense. For the purposes of calculating our adjusted EBITDA to net interest expense ratio, adjusted EBITDA is twelve-month trailing adjusted EBITDA. Net interest expense is twelve-month trailing net interest expense as shown in our statements of cash flows, plus 50% of declared preferred share dividends as shown in our income statements.

(3)

Key performance indicators (KPIs)

In addition to the non-GAAP financial measures described previously, we use a number of KPIs to measure the success of our strategic imperatives. These KPIs are not accounting measures and may not be comparable to similar measures presented by other issuers.

Capital intensity is capital expenditures divided by operating revenues.

Average revenue per user or subscriber (ARPU) represents the measurement of certain service revenues divided by the average subscriber base for the specified period.

Churn is the rate at which existing subscribers cancel their services, expressed as a percentage. Churn is calculated as the number of subscribers disconnected divided by the average subscriber base for the specified period. It is a measure of monthly customer turnover.

Cost of acquisition (COA) is also referred to as subscriber acquisition costs. COA represents the total cost associated with acquiring a customer and includes costs such as hardware discounts, marketing and distribution costs. This measure is expressed per gross activation during the period.

BCE Supplementary Financial Information - Fourth Quarter 2016 Page 16