	Note to readers
	Cover page
	Exchange rates
	Forward looking statements
PART I
Item 1	Description of Business
	Introduction
	BT's services
	Alliances and joint ventures
	Network modernisation and capital expenditure
	Organisation and employees
	Regulation, competition and prices
	Relationship with HM Government
Item 2	Description of Property
Item 3	Legal Proceedings
Item 4	Control of Registrant
Item 5	Nature of Trading Market
Item 6	Exchange Controls and Other Limitations Affecting Security Holders
Item 7	Taxation
Item 8	Selected Financial Data
Item 9	Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 9A	Quantitative and Qualitative Disclosures about Market Risk
Item 10	Directors and Officers of Registrant
Item 11	Compensation of Directors and Officers
Item 12	Options to Purchase Securities from Registrant or Subsidiaries
Item 13	Interest of Management in Certain Transactions
Item 15	Defaults upon Senior Securities
Item 16	Changes in Securities and Changes in Security for Registered Securities
PART IV
Item 18	Financial Statements
Item 19A	Financial Statements Filed as Part of this Annual Report
Item 19B	Exhibits Filed as Part of this Annual Report
	Signature

Note: Items 14 and 17 have been omitted as not applicable