Exhibit 99.3

	Supplementary Financial Information First Quarter 2022
BCE Investor Relations Thane Fotopoulos 514-870-4619 thane.fotopoulos@bell.ca

BCE ⁽¹⁾

Consolidated Operational Data

(In millions of Canadian dollars, except share amounts) (unaudited)	Q1 2022			Q1 2021			$ change			% change
Operating revenues
Service		5,177			4,968			209			4.2%
Product		673			738			(65	)		(8.8%)
Total operating revenues		5,850			5,706			144			2.5%
Operating costs		(3,266	)		(3,277	)		11			0.3%
Adjusted EBITDA (A)		2,584			2,429			155			6.4%
Adjusted EBITDA margin (B)(3)		44.2%			42.6%						1.6 pts
Severance, acquisition and other costs		(13	)		(89	)		76			85.4%
Depreciation		(891	)		(895	)		4			0.4%
Amortization		(260	)		(238	)		(22	)		(9.2%)
Finance costs
Interest expense		(260	)		(267	)		7			2.6%
Net return (interest) on post-employment benefit plans		18			(5	)		23			n.m.
Impairment of assets		(2	)		(3	)		1			33.3%
Other income		93			8			85			n.m.
Income taxes		(335	)		(253	)		(82	)		(32.4%)
Net earnings		934			687			247			36.0%
Net earnings attributable to:
Common shareholders		877			642			235			36.6%
Preferred shareholders		34			32			2			6.3%
Non-controlling interest		23			13			10			76.9%
Net earnings		934			687			247			36.0%
Net earnings per common share - basic and diluted	$	0.96		$	0.71		$	0.25			35.2%
Dividends per common share	$	0.9200		$	0.8750		$	0.0450			5.1%
Weighted average number of common shares outstanding - basic (millions)		910.1			904.5
Weighted average number of common shares outstanding - diluted (millions)		910.8			904.5
Number of common shares outstanding (millions)		911.8			904.6
Adjusted net earnings and adjusted EPS
Net earnings attributable to common shareholders		877			642			235			36.6%
Reconciling items:
Severance, acquisition and other costs		13			89			(76	)		(85.4%)
Net mark-to-market gains on derivatives used to economically hedge equity settled share-based compensation plans		(75	)		(60	)		(15	)		(25.0%)
Net gains on investments		(37	)		-			(37	)		n.m.
Early debt redemption costs		18			53			(35	)		(66.0%)
Impairment of assets		2			3			(1	)		(33.3%)
Income taxes for the above reconciling items		13			(23	)		36			n.m.
Adjusted net earnings (A)		811			704			107			15.2%
Adjusted EPS (A)	$	0.89		$	0.78		$	0.11			14.1%

n.m. : not meaningful

^(A) Adjusted EBITDA is a total of segments measure, adjusted net earnings is a non-GAAP financial measure and adjusted EPS is a non-GAAP ratio. Refer to note 2.3, Total of segments measures, note 2.1, Non-GAAP financial measures and note 2.2, Non-GAAP ratios in the Accompanying Notes to this report for more information on these measures.

^(B) Adjusted EBITDA margin is defined as adjusted EBITDA divided by operating revenues.

BCE Supplementary Financial Information - First Quarter 2022 Page 2

BCE

Consolidated Operational Data - Historical Trend

(In millions of Canadian dollars, except share amounts) (unaudited)	Q1 2022			TOTAL 2021			Q4 21			Q3 21			Q2 21			Q1 21
Operating revenues
Service		5,177			20,350			5,243			5,099			5,040			4,968
Product		673			3,099			966			737			658			738
Total operating revenues		5,850			23,449			6,209			5,836			5,698			5,706
Operating costs		(3,266	)		(13,556	)		(3,779	)		(3,278	)		(3,222	)		(3,277	)
Adjusted EBITDA		2,584			9,893			2,430			2,558			2,476			2,429
Adjusted EBITDA margin		44.2%			42.2%			39.1%			43.8%			43.5%			42.6%
Severance, acquisition and other costs		(13	)		(209	)		(63	)		(50	)		(7	)		(89	)
Depreciation		(891	)		(3,627	)		(925	)		(902	)		(905	)		(895	)
Amortization		(260	)		(982	)		(251	)		(245	)		(248	)		(238	)
Finance costs
Interest expense		(260	)		(1,082	)		(275	)		(272	)		(268	)		(267	)
Net return (interest) on post-employment benefit plans		18			(20	)		(5	)		(5	)		(5	)		(5	)
Impairment of assets		(2	)		(197	)		(30	)		-			(164	)		(3	)
Other income		93			160			26			35			91			8
Income taxes		(335	)		(1,044	)		(249	)		(306	)		(236	)		(253	)
Net earnings		934			2,892			658			813			734			687
Net earnings attributable to:
Common shareholders		877			2,709			625			757			685			642
Preferred shareholders		34			131			33			34			32			32
Non-controlling interest		23			52			-			22			17			13
Net earnings		934			2,892			658			813			734			687
Net earnings per common share - basic and diluted	$	0.96		$	2.99		$	0.69		$	0.83		$	0.76		$	0.71
Dividends per common share	$	0.9200		$	3.5000		$	0.8750		$	0.8750		$	0.8750		$	0.8750
Weighted average number of common shares outstanding - basic (millions)		910.1			906.3			908.8			906.9			905.0			904.5
Weighted average number of common shares outstanding - diluted (millions)		910.8			906.7			909.6			907.6			905.3			904.5
Number of common shares outstanding (millions)		911.8			909.0			909.0			908.8			905.7			904.6
Adjusted net earnings and adjusted EPS
Net earnings attributable to common shareholders		877			2,709			625			757			685			642
Reconciling items:
Severance, acquisition and other costs		13			209			63			50			7			89
Net mark-to-market gains on derivatives used to economically hedge equity settled share-based compensation plans		(75	)		(278	)		(57	)		(61	)		(100	)		(60	)
Net equity losses on investments in associates and joint ventures		-			49			35			-			14			-
Net (gains) losses on investments		(37	)		6			6			-			-			-
Early debt redemption costs		18			53			-			-			-			53
Impairment of assets		2			197			30			-			164			3
Income taxes for the above reconciling items		13			(48	)		(9	)		2			(18	)		(23	)
NCI for the above reconciling items		-			(2	)		(1	)		-			(1	)		-
Adjusted net earnings		811			2,895			692			748			751			704
Adjusted EPS	$	0.89		$	3.19		$	0.76		$	0.82		$	0.83		$	0.78

BCE Supplementary Financial Information - First Quarter 2022 Page 3

BCE ⁽¹⁾

Segmented Data

(In millions of Canadian dollars, except where otherwise indicated) (unaudited)	Q1 2022			Q1 2021			$ change			% change
Operating revenues
Bell Wireless		2,210			2,100			110			5.2%
Bell Wireline		3,013			3,081			(68	)		(2.2%)
Bell Media		825			713			112			15.7%
Inter-segment eliminations		(198	)		(188	)		(10	)		(5.3%)
Total		5,850			5,706			144			2.5%
Operating costs
Bell Wireless		(1,201	)		(1,177	)		(24	)		(2.0%)
Bell Wireline		(1,646	)		(1,718	)		72			4.2%
Bell Media		(617	)		(570	)		(47	)		(8.2%)
Inter-segment eliminations		198			188			10			5.3%
Total		(3,266	)		(3,277	)		11			0.3%
Adjusted EBITDA
Bell Wireless		1,009			923			86			9.3%
Margin		45.7%			44.0%						1.7 pts
Bell Wireline		1,367			1,363			4			0.3%
Margin		45.4%			44.2%						1.2 pts
Bell Media		208			143			65			45.5%
Margin		25.2%			20.1%						5.1 pts
Total		2,584			2,429			155			6.4%
Margin		44.2%			42.6%						1.6 pts
Capital expenditures
Bell Wireless		248			286			38			13.3%
Capital intensity (A)(3)		11.2%			13.6%						2.4 pts
Bell Wireline		681			707			26			3.7%
Capital intensity		22.6%			22.9%						0.3 pts
Bell Media		23			19			(4	)		(21.1%)
Capital intensity		2.8%			2.7%						(0.1) pts
Total		952			1,012			60			5.9%
Capital intensity		16.3%			17.7%						1.4 pts

^(A) Capital intensity is defined as capital expenditures divided by operating revenues.

BCE Supplementary Financial Information - First Quarter 2022 Page 4

BCE

Segmented Data - Historical Trend

(In millions of Canadian dollars, except where otherwise indicated) (unaudited)	Q1   2022			TOTAL   2021			Q4 21			Q3 21			Q2 21			Q1 21
Operating revenues
Bell Wireless		2,210			8,999			2,475			2,296			2,128			2,100
Bell Wireline		3,013			12,178			3,079			3,015			3,003			3,081
Bell Media		825			3,036			849			719			755			713
Inter-segment eliminations		(198	)		(764	)		(194	)		(194	)		(188	)		(188	)
Total		5,850			23,449			6,209			5,836			5,698			5,706
Operating costs
Bell Wireless		(1,201	)		(5,146	)		(1,524	)		(1,286	)		(1,159	)		(1,177	)
Bell Wireline		(1,646	)		(6,863	)		(1,753	)		(1,682	)		(1,710	)		(1,718	)
Bell Media		(617	)		(2,311	)		(696	)		(504	)		(541	)		(570	)
Inter-segment eliminations		198			764			194			194			188			188
Total		(3,266	)		(13,556	)		(3,779	)		(3,278	)		(3,222	)		(3,277	)
Adjusted EBITDA
Bell Wireless		1,009			3,853			951			1,010			969			923
Margin		45.7%			42.8%			38.4%			44.0%			45.5%			44.0%
Bell Wireline		1,367			5,315			1,326			1,333			1,293			1,363
Margin		45.4%			43.6%			43.1%			44.2%			43.1%			44.2%
Bell Media		208			725			153			215			214			143
Margin		25.2%			23.9%			18.0%			29.9%			28.3%			20.1%
Total		2,584			9,893			2,430			2,558			2,476			2,429
Margin		44.2%			42.2%			39.1%			43.8%			43.5%			42.6%
Capital expenditures
Bell Wireless		248			1,120			274			254			306			286
Capital intensity		11.2%			12.4%			11.1%			11.1%			14.4%			13.6%
Bell Wireline		681			3,597			1,133			880			877			707
Capital intensity		22.6%			29.5%			36.8%			29.2%			29.2%			22.9%
Bell Media		23			120			52			25			24			19
Capital intensity		2.8%			4.0%			6.1%			3.5%			3.2%			2.7%
Total		952			4,837			1,459			1,159			1,207			1,012
Capital intensity		16.3%			20.6%			23.5%			19.9%			21.2%			17.7%

BCE Supplementary Financial Information - First Quarter 2022 Page 5

Bell Wireless ⁽¹⁾

	Q1			Q1
(In millions of Canadian dollars, except where otherwise indicated) (unaudited)	2022			2021			% change
Bell Wireless
Operating revenues
External service revenues		1,635			1,503			8.8%
Inter-segment service revenues		11			11			-
Operating service revenues		1,646			1,514			8.7%
External product revenues		563			584			(3.6%)
Inter-segment product revenues		1			2			(50.0%)
Operating product revenues		564			586			(3.8%)
Total external revenues		2,198			2,087			5.3%
Total operating revenues		2,210			2,100			5.2%
Operating costs		(1,201	)		(1,177	)		(2.0%)
Adjusted EBITDA		1,009			923			9.3%
Adjusted EBITDA margin		45.7%			44.0%			1.7 pts
Capital expenditures		248			286			13.3%
Capital intensity		11.2%			13.6%			2.4 pts
Mobile phone subscribers(3)
Gross subscriber activations		349,908			340,127			2.9%
Postpaid		230,713			248,990			(7.3%)
Prepaid		119,195			91,137			30.8%
Net subscriber activations (losses)		32,176			2,405			n.m.
Postpaid		34,230			32,925			4.0%
Prepaid		(2,054	)		(30,520	)		93.3%
Subscribers end of period (EOP)		9,491,361			9,166,748			3.5%
Postpaid		8,664,275			8,361,264			3.6%
Prepaid		827,086			805,484			2.7%
Blended average revenue per user (ARPU) ($/month)(A)(3)		57.98			55.17			5.1%
Blended churn (%) (average per month)(3)		1.12%			1.23%			0.11 pts
Postpaid		0.79%			0.89%			0.10 pts
Prepaid		4.61%			4.68%			0.07 pts
Mobile connected device subscribers(3)
Net subscriber activations		48,877			74,159			(34.1%)
Subscribers EOP		2,298,671			2,130,312			7.9%

 n.m. : not meaningful

 ^(A) Mobile phone blended ARPU is calculated by dividing wireless operating service revenues by the average mobile phone subscriber base for the specified period and is expressed as a dollar unit per month.

BCE Supplementary Financial Information - First Quarter 2022 Page 6

Bell Wireless - Historical Trend

(In millions of Canadian dollars, except where otherwise indicated) (unaudited)	Q1 2022			TOTAL 2021			Q4 21			Q3 21			Q2 21			Q1 21
Bell Wireless
Operating revenues
External service revenues		1,635			6,355			1,641			1,642			1,569			1,503
Inter-segment service revenues		11			45			11			12			11			11
Operating service revenues		1,646			6,400			1,652			1,654			1,580			1,514
External product revenues		563			2,593			821			642			546			584
Inter-segment product revenues		1			6			2			-			2			2
Operating product revenues		564			2,599			823			642			548			586
Total external revenues		2,198			8,948			2,462			2,284			2,115			2,087
Total operating revenues		2,210			8,999			2,475			2,296			2,128			2,100
Operating costs		(1,201	)		(5,146	)		(1,524	)		(1,286	)		(1,159	)		(1,177	)
Adjusted EBITDA		1,009			3,853			951			1,010			969			923
Adjusted EBITDA margin		45.7%			42.8%			38.4%			44.0%			45.5%			44.0%
Capital expenditures		248			1,120			274			254			306			286
Capital intensity		11.2%			12.4%			11.1%			11.1%			14.4%			13.6%
Mobile phone subscribers
Gross subscriber activations		349,908			1,653,771			495,076			470,165			348,403			340,127
Postpaid		230,713			1,201,659			373,621			336,328			242,720			248,990
Prepaid		119,195			452,112			121,455			133,837			105,683			91,137
Net subscriber activations (losses)		32,176			294,842			109,726			136,464			46,247			2,405
Postpaid		34,230			301,706			109,527			114,821			44,433			32,925
Prepaid		(2,054	)		(6,864	)		199			21,643			1,814			(30,520	)
Subscribers EOP		9,491,361			9,459,185			9,459,185			9,349,459			9,212,995			9,166,748
Postpaid		8,664,275			8,630,045			8,630,045			8,520,518			8,405,697			8,361,264
Prepaid		827,086			829,140			829,140			828,941			807,298			805,484
Blended ARPU ($/month)		57.98			57.66			58.61			59.47			57.36			55.17
Blended churn (%) (average per month)		1.12%			1.23%			1.37%			1.21%			1.10%			1.23%
Postpaid		0.79%			0.93%			1.08%			0.93%			0.83%			0.89%
Prepaid		4.61%			4.31%			4.42%			4.15%			3.98%			4.68%
Mobile connected device subscribers
Net subscriber activations		48,877			193,641			38,998			33,035			47,449			74,159
Subscribers EOP		2,298,671			2,249,794			2,249,794			2,210,796			2,177,761			2,130,312

BCE Supplementary Financial Information - First Quarter 2022 Page 7

Bell Wireline ⁽¹⁾

	Q1			Q1
(In millions of Canadian dollars, except where otherwise indicated) (unaudited)	2022			2021			% change
Bell Wireline
Operating revenues
Data		1,953			1,965			(0.6%)
Voice		771			803			(4.0%)
Other services		77			74			4.1%
External service revenues		2,801			2,842			(1.4%)
Inter-segment service revenues		102			85			20.0%
Operating service revenues		2,903			2,927			(0.8%)
Data		99			144			(31.3%)
Equipment and other		11			10			10.0%
External product revenues		110			154			(28.6%)
Inter-segment product revenues		-			-			-
Operating product revenues		110			154			(28.6%)
Total external revenues		2,911			2,996			(2.8%)
Total operating revenues		3,013			3,081			(2.2%)
Operating costs		(1,646	)		(1,718	)		4.2%
Adjusted EBITDA		1,367			1,363			0.3%
Adjusted EBITDA margin		45.4%			44.2%			1.2 pts
Capital expenditures		681			707			3.7%
Capital intensity		22.6%			22.9%			0.3 pts
Retail high-speed Internet subscribers(3)
Retail net subscriber activations		26,024			21,208			22.7%
Retail subscribers EOP(A)		3,954,767			3,730,576			6.0%
Retail TV subscribers(3)
Retail net subscriber (losses) activations		(8,361	)		(9,112	)		8.2%
Internet protocol television (IPTV)		12,260			10,696			14.6%
Satellite		(20,621	)		(19,808	)		(4.1%)
Total retail subscribers EOP(A)		2,735,674			2,723,368			0.5%
IPTV(A)		1,903,726			1,817,069			4.8%
Satellite		831,948			906,299			(8.2%)
Retail residential network access services (NAS)(3)
Retail residential NAS lines net losses		(42,345	)		(51,069	)		17.1%
Retail residential NAS lines(A)		2,259,716			2,432,863			(7.1%)

 ^(A) In Q1 2022, as a result of the acquisition of EBOX and other related companies, our retail high-speed Internet, retail IPTV and retail residential NAS lines subscriber bases increased by 67,090, 9,025 and 3,456 subscribers, respectively.

BCE Supplementary Financial Information - First Quarter 2022 Page 8

Bell Wireline - Historical Trend

(In millions of Canadian dollars, except where otherwise indicated) (unaudited)	Q1 2022			TOTAL 2021			Q4 21			Q3 21			Q2 21			Q1 21
Bell Wireline
Operating revenues
Data		1,953			7,871			1,986			1,976			1,944			1,965
Voice		771			3,154			779			778			794			803
Other services		77			289			75			73			67			74
External service revenues		2,801			11,314			2,840			2,827			2,805			2,842
Inter-segment service revenues		102			358			94			93			86			85
Operating service revenues		2,903			11,672			2,934			2,920			2,891			2,927
Data		99			463			132			86			101			144
Equipment and other		11			43			13			9			11			10
External product revenues		110			506			145			95			112			154
Inter-segment product revenues		-			-			-			-			-			-
Operating product revenues		110			506			145			95			112			154
Total external revenues		2,911			11,820			2,985			2,922			2,917			2,996
Total operating revenues		3,013			12,178			3,079			3,015			3,003			3,081
Operating costs		(1,646	)		(6,863	)		(1,753	)		(1,682	)		(1,710	)		(1,718	)
Adjusted EBITDA		1,367			5,315			1,326			1,333			1,293			1,363
Adjusted EBITDA margin		45.4%			43.6%			43.1%			44.2%			43.1%			44.2%
Capital expenditures		681			3,597			1,133			880			877			707
Capital intensity		22.6%			29.5%			36.8%			29.2%			29.2%			22.9%
Retail high-speed Internet subscribers
Retail net subscriber activations		26,024			152,285			47,618			65,779			17,680			21,208
Retail subscribers EOP(A)		3,954,767			3,861,653			3,861,653			3,814,035			3,748,256			3,730,576
Retail TV subscribers
Retail net subscriber (losses) activations		(8,361	)		2,530			6,049			10,521			(4,928	)		(9,112	)
IPTV		12,260			76,068			29,191			31,641			4,540			10,696
Satellite		(20,621	)		(73,538	)		(23,142	)		(21,120	)		(9,468	)		(19,808	)
Total retail subscribers EOP(A)		2,735,674			2,735,010			2,735,010			2,728,961			2,718,440			2,723,368
IPTV(A)		1,903,726			1,882,441			1,882,441			1,853,250			1,821,609			1,817,069
Satellite		831,948			852,569			852,569			875,711			896,831			906,299
Retail residential NAS
Retail residential NAS lines net losses		(42,345	)		(185,327	)		(40,211	)		(42,755	)		(51,292	)		(51,069	)
Retail residential NAS lines(A)		2,259,716			2,298,605			2,298,605			2,338,816			2,381,571			2,432,863

 ^(A) In Q1 2022, as a result of the acquisition of EBOX and other related companies, our retail high-speed Internet, retail IPTV and retail residential NAS lines subscriber bases increased by 67,090, 9,025 and 3,456 subscribers, respectively.

BCE Supplementary Financial Information - First Quarter 2022 Page 9

BCE

Net debt and other information

BCE - Net debt and preferred shares
(In millions of Canadian dollars, except where otherwise indicated) (unaudited)
													March 31			December 31
													2022			2021
Long-term debt														26,877			27,048
Debt due within one year														3,082			2,625
50% of preferred shares														1,943			2,002
Cash														(104	)		(207	)
Net debt (A)														31,798			31,468
Net debt leverage ratio (A)														3.16			3.18
Adjusted EBITDA /adjusted net interest expense ratio (A)														8.94			8.77
Cash flow information
(In millions of Canadian dollars, except where otherwise indicated) (unaudited)							Q1			Q1
							2022			2021			$ change			% change
Free cash flow (FCF) (A)
Cash flows from operating activities								1,716			1,992			(276	)		(13.9%	)
Capital expenditures								(952	)		(1,012	)		60			5.9%
Cash dividends paid on preferred shares								(33	)		(31	)		(2	)		(6.5%	)
Cash dividends paid by subsidiaries to non-controlling interest								(11	)		(13	)		2			15.4%
Acquisition and other costs paid								3			4			(1	)		(25.0%	)
FCF								723			940			(217	)		(23.1%	)
Cash flow information - Historical trend
(In millions of Canadian dollars, except where otherwise indicated) (unaudited)	Q1			TOTAL			Q4			Q3			Q2			Q1
	2022			2021			2021			2021			2021			2021
FCF
Cash flows from operating activities		1,716			8,008			1,743			1,774			2,499			1,992
Capital expenditures		(952	)		(4,837	)		(1,459	)		(1,159	)		(1,207	)		(1,012	)
Cash dividends paid on preferred shares		(33	)		(125	)		(32	)		(31	)		(31	)		(31	)
Cash dividends paid by subsidiaries to non-controlling interest		(11	)		(86	)		(45	)		(13	)		(15	)		(13	)
Acquisition and other costs paid		3			35			29			-			2			4
FCF		723			2,995			236			571			1,248			940

^(A) Net debt and free cash flow are non-GAAP financial measures and net debt leverage ratio and adjusted EBITDA to adjusted net interest expense ratio are capital management measures. Refer to note 2.1, Non-GAAP financial measures and note 2.4, Capital management measures in the Accompanying Notes to this report for more information on these measures.

BCE Supplementary Financial Information - First Quarter 2022 Page 10

BCE

Consolidated Statements of Financial Position

(In millions of Canadian dollars, except where otherwise indicated) (unaudited)	March 31 2022			December 31 2021
ASSETS
Current assets
Cash		104			207
Cash equivalents		-			-
Trade and other receivables		3,549			3,949
Inventory		567			482
Contract assets		386			414
Contract costs		564			507
Prepaid expenses		375			254
Other current assets		271			335
Assets held for sale		-			50
Total current assets		5,816			6,198
Non-current assets
Contract assets		247			251
Contract costs		365			387
Property, plant and equipment		28,108			28,235
Intangible assets		15,825			15,570
Deferred tax assets		108			105
Investments in associates and joint ventures		654			668
Post-employment benefit assets		4,110			3,472
Other non-current assets		1,378			1,306
Goodwill		10,724			10,572
Total non-current assets		61,519			60,566
Total assets		67,335			66,764
LIABILITIES
Current liabilities
Trade payables and other liabilities		3,841			4,455
Contract liabilities		838			799
Interest payable		162			247
Dividends payable		854			811
Current tax liabilities		189			141
Debt due within one year		3,082			2,625
Liabilities held for sale		-			35
Total current liabilities		8,966			9,113
Non-current liabilities
Contract liabilities		244			246
Long-term debt		26,877			27,048
Deferred tax liabilities		5,065			4,679
Post-employment benefit obligations		1,464			1,734
Other non-current liabilities		934			1,003
Total non-current liabilities		34,584			34,710
Total liabilities		43,550			43,823
EQUITY
Equity attributable to BCE shareholders
Preferred shares		3,885			4,003
Common shares		20,830			20,662
Contributed surplus		1,137			1,157
Accumulated other comprehensive income		355			213
Deficit		(2,740	)		(3,400	)
Total equity attributable to BCE shareholders		23,467			22,635
Non-controlling interest		318			306
Total equity		23,785			22,941
Total liabilities and equity		67,335			66,764
Number of common shares outstanding (millions)		911.8			909.0

BCE Supplementary Financial Information - First Quarter 2022 Page 11

BCE

Consolidated Cash Flow Data

(In millions of Canadian dollars, except where otherwise indicated) (unaudited)	Q1         2022			Q1         2021			$ change
Net earnings		934			687			247
Adjustments to reconcile net earnings to cash flows from operating activities
Severance, acquisition and other costs		13			89			(76	)
Depreciation and amortization		1,151			1,133			18
Post-employment benefit plans cost		51			79			(28	)
Net interest expense		258			263			(5	)
Impairment of assets		2			3			(1	)
Gains on investments		(37	)		-			(37	)
Income taxes		335			253			82
Contributions to post-employment benefit plans		(79	)		(79	)		-
Payments under other post-employment benefit plans		(15	)		(15	)		-
Severance and other costs paid		(28	)		(43	)		15
Interest paid		(373	)		(306	)		(67	)
Income taxes paid (net of refunds)		(116	)		(109	)		(7	)
Acquisition and other costs paid		(3	)		(4	)		1
Change in contract assets		32			144			(112	)
Change in wireless device financing plan receivables		59			(91	)		150
Net change in operating assets and liabilities		(468	)		(12	)		(456	)
Cash flows from operating activities		1,716			1,992			(276	)
Capital expenditures		(952	)		(1,012	)		60
Cash dividends paid on preferred shares		(33	)		(31	)		(2	)
Cash dividends paid by subsidiaries to non-controlling interest		(11	)		(13	)		2
Acquisition and other costs paid		3			4			(1	)
Free cash flow		723			940			(217	)
Business acquisitions		(139	)		-			(139	)
Business dispositions		52			-			52
Acquisition and other costs paid		(3	)		(4	)		1
Other investing activities		(9	)		(21	)		12
Increase (decrease) in notes payable		469			(357	)		826
Decrease in securitized trade receivables		-			(13	)		13
Issue of long-term debt		945			2,915			(1,970	)
Repayment of long-term debt		(1,258	)		(226	)		(1,032	)
Issue of common shares		161			10			151
Purchase of shares for settlement of share-based payments		(106	)		(91	)		(15	)
Repurchase of preferred shares		(115	)		-			(115	)
Cash dividends paid on common shares		(795	)		(753	)		(42	)
Other financing activities		(28	)		(17	)		(11	)
		(826	)		1,443			(2,269	)
Net (decrease) increase in cash		(103	)		1,683			(1,786	)
Cash at beginning of period		207			224			(17	)
Cash at end of period		104			1,907			(1,803	)
Net increase in cash equivalents		-			700			(700	)
Cash equivalents at beginning of period		-			-			-
Cash equivalents at end of period		-			700			(700	)

BCE Supplementary Financial Information - First Quarter 2022 Page 12

BCE

Consolidated Cash Flow Data - Historical Trend

(In millions of Canadian dollars, except where otherwise indicated) (unaudited)	Q1         2022			TOTAL         2021			Q4 21			Q3 21			Q2 21			Q1 21
Net earnings		934			2,892			658			813			734			687
Adjustments to reconcile net earnings to cash flows from operating activities
Severance, acquisition and other costs		13			209			63			50			7			89
Depreciation and amortization		1,151			4,609			1,176			1,147			1,153			1,133
Post-employment benefit plans cost		51			286			69			70			68			79
Net interest expense		258			1,063			269			268			263			263
Impairment of assets		2			197			30			-			164			3
(Gains) losses on investments		(37	)		6			6			-			-			-
Income taxes		335			1,044			249			306			236			253
Contributions to post-employment benefit plans		(79	)		(282	)		(69	)		(64	)		(70	)		(79	)
Payments under other post-employment benefit plans		(15	)		(65	)		(18	)		(16	)		(16	)		(15	)
Severance and other costs paid		(28	)		(208	)		(55	)		(31	)		(79	)		(43	)
Interest paid		(373	)		(1,080	)		(192	)		(352	)		(230	)		(306	)
Income taxes paid (net of refunds)		(116	)		(913	)		(302	)		(407	)		(95	)		(109	)
Acquisition and other costs paid		(3	)		(35	)		(29	)		-			(2	)		(4	)
Change in contract assets		32			278			(21	)		53			102			144
Change in wireless device financing plan receivables		59			(365	)		(121	)		(92	)		(61	)		(91	)
Net change in operating assets and liabilities		(468	)		372			30			29			325			(12	)
Cash flows from operating activities		1,716			8,008			1,743			1,774			2,499			1,992
Capital expenditures		(952	)		(4,837	)		(1,459	)		(1,159	)		(1,207	)		(1,012	)
Cash dividends paid on preferred shares		(33	)		(125	)		(32	)		(31	)		(31	)		(31	)
Cash dividends paid by subsidiaries to non-controlling interest		(11	)		(86	)		(45	)		(13	)		(15	)		(13	)
Acquisition and other costs paid		3			35			29			-			2			4
Free cash flow		723			2,995			236			571			1,248			940
Business acquisitions		(139	)		(12	)		-			(1	)		(11	)		-
Business dispositions		52			-			-			-			-			-
Acquisition and other costs paid		(3	)		(35	)		(29	)		-			(2	)		(4	)
Acquisition of spectrum licences		-			(2,082	)		(1,664	)		(418	)		-			-
Other investing activities		(9	)		(72	)		(23	)		(11	)		(17	)		(21	)
Increase (decrease) in notes payable		469			351			719			(322	)		311			(357	)
Decrease in securitized trade receivables		-			(150	)		(130	)		(7	)		-			(13	)
Issue of long-term debt		945			4,985			-			1,570			500			2,915
Repayment of long-term debt		(1,258	)		(2,751	)		(235	)		(249	)		(2,041	)		(226	)
Issue of common shares		161			261			16			172			63			10
Purchase of shares for settlement of share-based payments		(106	)		(297	)		(52	)		(83	)		(71	)		(91	)
Repurchase of preferred shares		(115	)		-			-			-			-			-
Cash dividends paid on common shares		(795	)		(3,132	)		(795	)		(793	)		(791	)		(753	)
Other financing activities		(28	)		(78	)		(3	)		(14	)		(44	)		(17	)
		(826	)		(3,012	)		(2,196	)		(156	)		(2,103	)		1,443
Net (decrease) increase in cash		(103	)		(17	)		(1,879	)		334			(155	)		1,683
Cash at beginning of period		207			224			2,086			1,752			1,907			224
Cash at end of period		104			207			207			2,086			1,752			1,907
Net (decrease) increase in cash equivalents		-			-			(81	)		81			(700	)		700
Cash equivalents at beginning of period		-			-			81			-			700			-
Cash equivalents at end of period		-			-			-			81			-			700

BCE Supplementary Financial Information - First Quarter 2022 Page 13

Accompanying Notes

   (1) Our results are reported in three segments: Bell Wireless, Bell Wireline and Bell Media. Our segments reflect how we manage our business and how we classify our operations for planning and measuring performance.

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

   (2) Non-GAAP and other financial measures

BCE uses various financial measures to assess its business performance. Certain of these measures are calculated in accordance with International Financial Reporting Standards (IFRS or GAAP) while certain other measures do not have a standardized meaning under GAAP. We believe that our GAAP financial measures, read together with adjusted non-GAAP and other financial measures, provide readers with a better understanding of how management assesses BCE’s performance.

National Instrument 52-112, Non-GAAP and Other Financial Measures Disclosure, prescribes disclosure requirements that apply to the following specified financial measures:

● Non-GAAP financial measures;

● Non-GAAP ratios;

● Total of segments measures;

● Capital management measures; and

● Supplementary financial measures.

This section provides a description and classification of the specified financial measures contemplated by NI 52-112 that we use in this report to explain our financial results except that, for supplementary financial measures, an explanation of such measures is provided where they are first referred to in this report if the supplementary financial measures’ labelling is not sufficiently descriptive.

(2.1) Non-GAAP financial measures

A non-GAAP financial measure is a financial measure used to depict our historical or expected future financial performance, financial position or cash flow and, with respect to its composition, either excludes an amount that is included in, or includes an amount that is excluded from, the composition of the most directly comparable financial measure disclosed in BCE’s consolidated primary financial statements. We believe that non-GAAP financial measures are reflective of our on-going operating results and provide readers with an understanding of management’s perspective on and analysis of our performance.

Below are descriptions of the non-GAAP financial measures that we use in this report to explain our results. Except for adjusted net interest expense, for which a reconciliation is provided below, reconciliations to the most directly comparable IFRS financial measures on a consolidated basis are set out earlier in this report.

Adjusted net earnings

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

BCE Supplementary Financial Information - First Quarter 2022 Page 14

We define adjusted net earnings as net earnings attributable to common shareholders before severance, acquisition and other costs, net mark-to-market losses (gains) on derivatives used to economically hedge equity settled share-based compensation plans, net equity losses (gains) on investments in associates and joint ventures, net losses (gains) on investments, early debt redemption costs, impairment of assets and discontinued operations, net of tax and NCI.

We use adjusted net earnings and we believe that certain investors and analysts use this measure, among other ones, to assess the performance of our businesses without the effects of severance, acquisition and other costs, net mark-to-market losses (gains) on derivatives used to economically hedge equity settled share-based compensation plans, net equity losses (gains) on investments in associates and joint ventures, net losses (gains) on investments, early debt redemption costs, impairment of assets and discontinued operations, net of tax and 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 directly comparable IFRS financial measure is net earnings attributable to common shareholders. Refer to pages 2 and 3 of this report for a reconciliation of net earnings attributable to common shareholders to adjusted net earnings on a consolidated basis.

Adjusted net interest expense

The term adjusted 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 define adjusted net interest expense as twelve-month trailing net interest expense as shown in our consolidated statements of cash flows, plus 50% of twelve-month trailing net earnings attributable to preferred shareholders as shown in our consolidated income statements.

We use adjusted net interest expense as a component in the calculation of the adjusted EBITDA to adjusted net interest expense ratio, which is a capital management measure. For further details on the adjusted EBITDA to adjusted net interest expense ratio, see note 2.4, Capital management measures below. We use and believe that certain investors and analysts use the adjusted EBITDA to adjusted net interest expense ratio, among other measures, to evaluate the financial health of the company.

The most directly comparable IFRS financial measure is net interest expense. The following table is a reconciliation of net interest expense to adjusted net interest expense on a consolidated basis.

	Q1 2022			Q1 2021
Net interest expense (three months ended March 31, 2022 and 2021, respectively)		258			263
Net interest expense (year ended December 31, 2021 and 2020, respectively)		1,063			1,087
Net interest expense (three months ended March 31, 2021 and 2020, respectively)		(263	)		(270	)
12-month trailing net interest expense (ended March 31, 2022 and 2021, respectively)		1,058			1,080
50% of net earnings attributable to preferred shareholders (three months ended March 31, 2022 and 2021, respectively)		17			16
50% of net earnings attributable to preferred shareholders (year ended December 31, 2021 and 2020, respectively)		66			68
50% of net earnings attributable to preferred shareholders (three months ended March 31, 2021 and 2020, respectively)		(16	)		(19	)
50% of 12-month trailing net earnings attributable to preferred shareholders (ended March 31, 2022 and 2021, respectively)		67			65
Adjusted net interest expense for the twelve months ended March 31, 2022 and 2021, respectively		1,125			1,145

BCE Supplementary Financial Information - First Quarter 2022 Page 15

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 cash from discontinued operations, 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. We exclude cash from discontinued operations, 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. Free cash flow shows how much cash is available to pay dividends on common shares, 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 directly comparable IFRS financial measure is cash flows from operating activities. Refer to pages 10, 12 and 13 of this report for a reconciliation of cash flows from operating activities to free cash flow on a consolidated basis.

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 is calculated using several asset and liability categories from the statements of financial position. The most directly comparable IFRS financial measure is long-term debt. Refer to page 10 of this report for a reconciliation of long-term debt to net debt on a consolidated basis.

(2.2) Non-GAAP ratios

A non-GAAP ratio is a financial measure disclosed in the form of a ratio, fraction, percentage or similar representation and that has a non-GAAP financial measure as one or more of its components.

Adjusted EPS

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

We define adjusted EPS as adjusted net earnings per BCE common share. Adjusted net earnings is a non-GAAP financial measure. For further details on adjusted net earnings, see note 2.1 – Non-GAAP financial measures above.

BCE Supplementary Financial Information - First Quarter 2022 Page 16

We use adjusted EPS, and we believe that certain investors and analysts use this measure, among other ones, to assess the performance of our businesses without the effects of severance, acquisition and other costs, net mark-to-market losses (gains) on derivatives used to economically hedge equity settled share-based compensation plans, net equity losses (gains) on investments in associates and joint ventures, net losses (gains) on investments, early debt redemption costs, impairment of assets and discontinued operations, net of tax and 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.

(2.3) Total of segments measures

A total of segments measure is a financial measure that is a subtotal or total of 2 or more reportable segments and is disclosed within the Notes to BCE’s consolidated primary financial statements.

Adjusted EBITDA

We define adjusted EBITDA as operating revenues less operating costs as shown in BCE’s consolidated income statements.

The most directly comparable IFRS financial measure is net earnings. The following table is a reconciliation of net earnings to adjusted EBITDA on a consolidated basis.

	Q1 2022			Q1 2021
Net earnings		934			687
Severance, acquisition and other costs		13			89
Depreciation		891			895
Amortization		260			238
Finance costs
Interest expense		260			267
Net (return) interest on post-employment benefit plans		(18	)		5
Impairment of assets		2			3
Other income		(93	)		(8	)
Income taxes		335			253
Adjusted EBITDA		2,584			2,429

(2.4) Capital management measures

A capital management measure is a financial measure that is intended to enable a reader to evaluate our objectives, policies and processes for managing our capital and is disclosed within the Notes to BCE’s consolidated financial statements.

The financial reporting framework used to prepare the financial statements requires disclosure that helps readers assess the company’s capital management objectives, policies, and processes, as set out in IFRS in IAS – 1 – Presentation of Financial Statements. BCE has its own methods for managing capital and liquidity, and IFRS does not prescribe any particular calculation method.

BCE Supplementary Financial Information - First Quarter 2022 Page 17

Adjusted EBITDA to adjusted net interest expense ratio

The adjusted EBITDA to adjusted net interest expense ratio represents adjusted EBITDA divided by adjusted net interest expense. For the purposes of calculating our adjusted EBITDA to adjusted net interest expense ratio, adjusted EBITDA is twelve-month trailing adjusted EBITDA. Adjusted net interest expense used in the calculation of the adjusted EBITDA to adjusted net interest expense ratio is a non-GAAP financial measure defined as twelve-month trailing net interest expense as shown in our consolidated statements of cash flows, plus 50% of twelve-month trailing net earnings attributable to preferred shareholders as shown in our consolidated income statements. For further details on adjusted net interest expense, see note 2.1, Non-GAAP financial measures above.

We use, and believe that certain investors and analysts use, the adjusted EBITDA to adjusted net interest expense ratio, among other measures, to evaluate the financial health of the company.

Net debt leverage ratio

The net debt leverage ratio represents net debt divided by adjusted EBITDA. Net debt used in the calculation of the net debt leverage ratio is a non-GAAP financial measure. For further details on net debt, see note 2.1, Non-GAAP financial measures above. For the purposes of calculating our net debt leverage ratio, adjusted EBITDA is twelve-month trailing adjusted EBITDA.

We use, and believe that certain investors and analysts use, the net debt leverage ratio as a measure of financial leverage.

(2.5) Supplementary financial measures

A supplementary financial measure is a financial measure that is not reported in BCE’s consolidated financial statements, and is, or is intended to be, reported periodically to represent historical or expected future financial performance, financial position, or cash flows.

An explanation of such measures is provided where they are first referred to in this report if the supplementary financial measures’ labelling is not sufficiently descriptive.

   (3) Key performance indicators (KPIs)

In addition to the non-GAAP financial measures and other financial measures described previously, we use the following 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.

Adjusted EBITDA margin is defined as adjusted EBITDA divided by operating revenues.

Capital intensity is defined as capital expenditures divided by operating revenues.

Mobile phone blended ARPU is calculated by dividing wireless operating service revenues by the average mobile phone subscriber base for the specified period and is expressed as a dollar unit per month.

Mobile phone churn is the rate at which existing mobile phone subscribers cancel their services. It is a measure of our ability to retain our customers. Mobile phone churn is calculated by dividing the number of mobile phone deactivations during a given period by the average number of mobile phone subscribers in the base for the specified period and is expressed as a percentage per month.

Mobile phone subscriber unit is comprised of a recurring revenue generating portable unit (e.g. smartphones and feature phones) on an active service plan, that has access to our wireless networks and includes voice, text and/or data connectivity. We report mobile phone subscriber units in two categories: postpaid and prepaid. Prepaid mobile phone subscriber units are considered active for a period of 90 days following the expiry of the subscriber’s prepaid balance.

BCE Supplementary Financial Information - First Quarter 2022 Page 18

Mobile connected device subscriber unit is comprised of a recurring revenue generating portable unit (e.g. tablets, wearables, mobile Internet devices and Internet of Things) on an active service plan, that has access to our wireless networks and is intended for limited or no cellular voice capability.

Wireline subscriber unit consists of an active revenue-generating unit with access to our services, including retail Internet, satellite TV, IPTV, and/or residential NAS. A subscriber is included in our subscriber base when the service has been installed and is operational at the customer premise and a billing relationship has been established.

● Retail Internet, IPTV and satellite TV subscribers have access to stand-alone services, and are primarily represented by a dwelling unit

● Retail residential NAS subscribers are based on a line count and are represented by a unique telephone number

BCE Supplementary Financial Information - First Quarter 2022 Page 19