In an MPLS VPN, what label operation does the egress PE perform on the VPN packet before forwarding it to the CE?
The egress PE removes all labels and forwards the IP packet.
Why this answer
The egress PE pops both the VPN label and the transport label (if any) and forwards the IP packet to the CE. If the packet arrives with only the transport label (penultimate hop popping), the egress PE receives only the VPN label and pops it. In all cases, the egress PE removes the MPLS labels.