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Management's Discussion and Analysis

In this management’s discussion and analysis of financial condition and results of operations (MD&A), we, us, our, BCE and the company mean either BCE Inc. or, collectively, BCE Inc., its subsidiaries, joint ventures and associates. Bell means our Bell Wireline, Bell Wireless and Bell Media segments on an aggregate basis. Bell Aliant means either Bell Aliant Inc. or, collectively, Bell Aliant Inc. and its subsidiaries, joint ventures and associates.

All amounts in this MD&A are in millions of Canadian dollars, except where noted. Please refer to the glossary on page 123 for a list of defined terms.

Please refer to BCE’s audited consolidated financial statements for the year ended December 31, 2012 when reading this MD&A. In preparing this MD&A, we have taken into account information available to us up to March 7, 2013, the date of this MD&A, unless otherwise stated.

You will find BCE’s audited consolidated financial statements for the year ended December 31, 2012, BCE’s annual information form for the year ended December 31, 2012 dated March 7, 2013 (BCE 2012 AIF) and recent financial reports on BCE’s website at, on SEDAR at and on EDGAR at

This MD&A comments on our operations, performance and financial condition for the two years ended December 31, 2012 and 2011.

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