Investor Presentaiton

Balance sheet & liquidity update Available liquidity(1) ~$3.7B incl. $651M in cash *At March 31, 2023 • Net debt leverage *At march 31, 2023 ratio(1) ~3.4x Solvency ratio(2) ~118% • ~$3.7B total available liquidity at end of Q1 Net debt leverage ratio at ~3.4x - - Lowest among national peers - $1.5B public debt offering in February 2023 Weighted average annual after-tax cost of public debt of ~2.9% with average term to maturity of ~13 years Substantial pension solvency surplus of ~$3.7B across aggregate of all BCE DB plans Cash pension funding savings of -$230M in 2023 *Aggregate of BCE DB plans at March 31, 2023 (1) Available liquidity is a non-GAAP financial measure and net debt leverage ratio is a capital management measure. Refer to section Non-GAAP financial measures and section Capital management measures in the Appendix to this document for more information on these measures. (2) Pension plan solvency ratio is defined as post-employment benefit assets on a solvency basis divided by post-employment benefit liabilities on a solvency basis, calculated in accordance with the Pension Benefits Standards Act, 1985 and its related regulation (PBSA). The Office of the Superintendent of Financial Institutions by way of the PBSA requires companies to perform solvency valuations, including the calculation of pension plan solvency ratios, for federally registered pension plans on a periodic basis. A solvency valuation basis assumes termination of the pension plans on the valuation date. Healthy balance sheet with ample liquidity to support strategic priorities and higher common share dividend in 2023 Bell 11

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