2010 ANNUAL GENERAL SHAREHOLDER MEETING

Caution concerning forward-looking statements

Certain statements made in this presentation including, but not limited to, statements relating to our 2010 financial guidance (including revenue, EBITDA, Adjusted EPS, free cash flow, capital intensity and annualized common share dividend), our plan to launch Internet Protocol Television later in 2010, our fibre-optic deployment objectives, expected capital expenditures and our strategic objectives and priorities, and other statements that are not historical facts, are forward-looking statements. Several assumptions were made by BCE in preparing these forward-looking statements and there are risks that actual results will differ materially from those contemplated by our forward-looking statements. As a result, we cannot guarantee that any forward-looking statement will materialize and you are cautioned not to place undue reliance on these forward-looking statements. For additional information on such assumptions and risks, please consult BCE’s 2009 Annual MD&A dated March 11, 2010, as updated in BCE’s 2010 First Quarter MD&A dated May 5, 2010, and BCE’s press release dated May 6, 2010 announcing its financial results for the first quarter of 2010, all filed with the Canadian securities commissions and with the SEC and which are also available on BCE’s website.

Forward-looking statements made in this presentation represent BCE’s expectations as of May 6, 2010, 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 any forward-looking statement, whether as a result of new information, future events or otherwise.

Executing with increased momentum

4

Delivered total returns of

23%to BCE shareholders

in 2009

Focused strategy

Clear set of capital markets policies

Improved financial and operating performance

2009 financial performance against targets2009Guidance

2009Actual Result

Revenue growth1 1 - 2% 1% Achieved

EBITDA growth1 1 - 2% 1.4% Achieved

Capital intensity1 15 - 16% 15.9% Achieved

Adjusted earnings per share $2.40 - $2.50 $2.50 Achieved

Free cash flow2 $1.25B - $1.4B $1.46B Exceeded

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1 Revenue, EBITDA and capital intensity is for Bell excluding Bell Aliant2 After $500M voluntary pension contribution

Capital markets strategy

• Over $2B in cash and credit facilities

• Solid investment grade metrics

• Voluntary $500M pension plan contribution

• Supports dividend growth and capital investment

Maintain ample liquidity

Increase total shareholder returns

Maintain strong credit profile1

2

4

Grow free cash flow3

6

• Through dividend increases

• Through share buybacks

Returning cash to shareholders

7

Delivering on dividend growth model(Annualized common dividend per share)

Q4 2008 20091st Half

201020092nd Half

$1.46$1.62 $1.74

$1.54

+19%

Share buyback program

Shares purchased

Amount ($)

2009 40M $986.2M

2010E ~20M ~$500M

~60M ~$1.5B

Financial guidance

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2010 outlook1

Revenue growth 1% - 2%

EBITDA growth 2% - 4%

Capital intensity ≤ 16%

Adjusted EPS2 $2.65 - $2.75

Free cash flow3 ~$2B - $2.2B

Annualized common share dividend $1.74

1 Revenue, EBITDA and capital intensity guidance for Bell excluding Bell Aliant2 EPS before restructuring and other and net gains (losses) on investments3 Free cash flow before common share dividends and including Bell Aliant's cash distributions

Q1 financial performance

• Increased operational momentum

• Strong earnings growth

• Free cash flow doubled Y/Y

• All key financial indicators right on track with guidance

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Q1 2010 Y/Y

Revenues1 $3,758M 3.8%

EBITDA1 $1,455M 2.0%

Net earnings applicable to common shares $608M 61.3%

Statutory EPSAdjusted EPS2

$0.79$0.65

64.6%14.0%

Free cash flow3 $545M $273M

1 Revenue, EBITDA and capital expenditures for Bell excluding Bell Aliant2 EPS before restructuring and other and net gains (losses) on investments3 Free cash flow before common share dividends and including Bell Aliant's cash distributions

George A. CopePresident and Chief Executive Officer

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Our goalTo be recognized by customers as Canada’s leading communications company

5 Strategic Imperatives

1 Achieve a Competitive Cost Structure

2 Improve Customer Service

3 Leverage Wireline Momentum

4 Accelerate Wireless

5 Invest in Broadband Networks and Services

Achieve a Competitive Cost Structure

1

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StrategicImperative

Labour force reductions

• Bell workforce reduced by 5,800 since 2008

• 4 collective agreements signed in 2009

• Retirement Incentivefor ~1,300

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Streamlined and productive workforce

(3,300)44,100

Jun 2008 Dec 20092008Reductions

-13%

2009Reductions

(2,500)

38,300

Integrated 3 business units

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Bell Business Markets

• Single point of entry to Bell products and services

• Reduced duplication and costs

• Faster, more efficient customer service

Bell Enterprise

Bell Small/Medium Business

Bell West

Maintaining strong focus on cost control

Wireline expenses in 2009*• Labour costs down 9% • G&A expenses down 10% • Improved working capital • Accounts receivable balance ~$100M lower

More cost reductions in Q1 2010*• Wireline operating costs down ~$90M• Receivables management improve by $141M• Vendor renegotiations flow-through

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2008 2009 2010 Forecast

~$2.3

~$2.2

~$2.1

* Excludes acquisitions and Olympics

Wireline support costs ($B)

-9%

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Improve Customer Service

2StrategicImperative

Launched service enhancements

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Customer satisfaction highest in 5 years

Same Day Next Day Repair

Full Install for Internet

Express Install

Fewer customer calls

2008 2009 Q1 2010

16%12%

The right tools and support

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New branded vehicles

Driving productivity and pride in Bell

Mobile phones and GPS

Laptops Branded apparel

More to come…• Complex service issues handled closer to home

– Calls to India from 22% in 2008 to about 1% in 2010

• Customized support in stores– 500 Service and Product Assistance Centres

• Specialized client care training– Smartphones and Apple computer support

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$140M investment in customer service

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Leverage WirelineMomentum

3StrategicImperative

Canada runs on Bell

21

Serving the top TSX companies

Winbacks

Bell’s global reach

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Supporting Canadian customers as theyexpand worldwide

Worldwide support for Canadian government communications

Bank systems in 24 Caribbean and Central America countries

New win over AT&T supports McCain in 40+ countries

Product innovations for businessBell’s content delivery network• New way for business to stream video to

Internet users worldwide• Higher speeds, no added infrastructure costs

Telepresence• Ultimate video and audio clarity• Low cost travel alternative

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Consumer revenue mix (2009)

Majority of household revenue from TV and Internet

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Home Phone47%

Internet16%

TV37%

53%

• Revenue growth in 2009– TV up 9.9%– Internet up 5.6%– Home Phone down 8.6%

• ~$1B more from TV and Internet in last 5 years– Driven by subscriber

growth, value-added services

Canada’s largest Internet provider

• High-speed Fibre rollout– Neighbourhood– Condos and buildings – Direct to homes

• Better network performance

• Broadest WiFi footprint

The New Bell Fibe™ is

Fibre to the Home in 2010

• New housing developments• Québec City and other regions • 100 Mps broadband

– Lower operating costs– Fewer repairs

• Deployment already begun

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Historic technology announcement for Bell

Bell TV continues to accelerate

• More than 100 HD channels• Canada’s only Remote PVR

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Revenue per subscriber

Net additions

$72.60

Q1 10Q1 09

$68.84

~2 million subscribers on Bell TV

Q1 10Q1 09

69%

New TV services in 2010

IPTV launch in Montréal and Toronto• Amazing new

applications• Video on Demand• Whole Home PVR

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4

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Accelerate Wireless

StrategicImperative

Bell’s new network superiority

Announced November 2009• 21 Mbps download speed• 93% of Canadians covered• Roaming in 200+ countries• AT&T roaming agreement

Their network

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HSPA+

EASTCOVERAGE

Our network

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HSPA+

EASTCOVERAGE

HSPA+

Their network

33

HSPA+

WESTCOVERAGE

Our network

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HSPA+

WESTCOVERAGE

HSPA+

Mobile device leadership

1 million data devices activated in 2009 • Thousands of data apps

• High demand for wireless Internet sticks

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Best and broadest choice

TV anytime anywhere

• Live TV coverage of Olympic events

• Broadcasts from 7 networks

• Full-length shows, news and sports

• Live playoff games and highlights on Mobile NHL

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New distribution advantage

• Bell leads with more distribution points across Canada

• 750 The Source stores

• Effective retail channel for Bell Mobility, TV and Internet

• More than 80M shoppers a year

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Acquired 100% of Virgin Mobile Canada

• Global brand recognition

• #1 mobile choice for fast-growing youth market

• Strengthens Bell’s competitive position in “flanker markets”

• Sold at The Source

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Q1Record gross adds

Q1Record post-paid adds

Q1Stable ARPU

Q1Strong data revenue

Bell wireless has accelerated in 2010…

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• 81K additions

• Up 132%

• 429K additions

• Up 17%• $50.07

• Up 0.5%

• Over $200M

• Up 40%

Best performance in 25 years

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Invest in Broadband Networks and Services

5StrategicImperative

Investing for the future

41

BCE capital expenditures of almost $3B in 2010

Wireless HSPA+ network

TV satellites and IPTV

Broadband fibrenetwork

Shareholder value

42

Industry leading shareholder returns

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Total shareholder returns Since Dec. 31, 2008

30.1%

25.8%

11.2%

3.5%

(2.6%)

(0.6%)

(7.3%)

44

2010 Winter Olympics

Bell delivers Canada’s golden Games

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Full Olympic coverage on all 3 screens

3.5 B viewers worldwide

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Bell delivered glitch-free GamesThey came, they broadcast, they streamed video, they watched online, they emailed, texted, shared videos and photos and chatted on the phone.

todayjust gotbetter

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Clara HughesLong Track Speed Skating

JoannieRochetteFigure Skating

Sidney CrosbyHockey

Ashleigh McIvorSki Cross

2010 Winter OlympicsYour Bell champions

SteveOmischlFreestyle Skiing

2010 ANNUAL GENERAL SHAREHOLDER MEETING