Activity	Group interest in allotted capital(b)	Country of operations(c)
Subsidiary undertakings
BT Australasia Pty Limited (d)		Communication related services and products provider	100% ordinary 100% preference	Australia
BT Cableships Limited (d)		Cableship owner	100% ordinary	International
BT Cellnet Limited (d)(e)		Mobile cellular telephone system provider and operator	100% ordinary	UK
BT Communications Management Limited (d)		Telecommunication services provider	100% ordinary	UK
BT (Hong Kong) Limited (d)		Communication related services and products provider	100% ordinary 100% preference	Hong Kong
BT Ignite GmbH (d)		Data services provider	100% ordinary	Germany
BT Ignite GmbH & Co (d)		Communication related services and products provider	100% ordinary	Germany
BT Ignite Nederland BV (d)		Communication related services and products provider	100% ordinary	Netherlands
BT North America Inc (d)		Communication related services and products provider	100% common	USA
BT Property Limited (d)		Property holding company	100% ordinary	UK
BT Subsea Cables Limited		Cable maintenance and repair	100% ordinary	UK
BT Telecomunicaciones SA (d)		Communication related services and products provider	100% ordinary	Spain
BT (Worldwide) Limited (d)		International telecommunication network systems provider	100% ordinary	International
BT Wireless Limited (f)		Holding company for the BT Cellnet group	100% ordinary	UK
Clear Communications Limited (d)		Communication related services and products provider	100% ordinary	New Zealand
Esat Digifone Limited (d)(g)		Mobile cellular telephone system provider and operator	50.5% ordinary	Ireland
Esat Group Limited (d)		Telecommunication services provider	100% ordinary	Ireland
Farland BV (c)(d)		Provider of trans-border fibre network across BT's partners in Europe	100% ordinary	International
Manx Telecom Limited (d)		Telecommunication services supplier	100% ordinary	Isle of Man
Syntegra Groep BV (d)		Systems integration and application development	100% common	Netherlands
Syntegra SA (d)		Systems integration and application development	100% ordinary	France
Syntegra (USA) Inc (c)(d)(h)		Systems integration and electronic business outsourcing services	100% common	International
Telfort Mobiel BV (d)		Mobile cellular telephone system provider and operator	100% ordinary	Netherlands
Viag Interkom GmbH & Co (d)		Mobile cellular telephone system provider and operator	100% ordinary	Germany
Yell Limited		Classified directory advertising services provider	100% ordinary	UK
Yellow Book USA Inc (d)		Classified directory publisher	100% common	USA
Yellow Pages Sales Limited (d)		Yellow Pages sales contractor	100% ordinary	UK
(a)	The group comprises a large number of companies and it is not practical to include all of them in this list. The list, therefore, only includes those companies that have a more significant impact on the profit or assets of the group.
(b)	The proportion of voting rights held corresponds to the aggregate interest percentage held by the holding company and subsidiary undertakings.
(c)	All overseas undertakings are incorporated in their country of operations. Subsidiary undertakings operating internationally are all incorporated in England and Wales, except Farland BV and Syntegra (USA) Inc, which are incorporated in The Netherlands and USA, respectively.
(d)	Held through intermediate holding company.
(e)	In November 2000, Telecom Securicor Cellular Radio Limited changed its name to BT Cellnet Limited.
(f)	In March 2001, Cellnet Group Limited changed its name to BT Wireless Limited.
(g)	On 17 April 2001, Telenor exercised a put option for BT to acquire its shareholding – Esat Digifone is now 100% owned.
(h)	Formerly Control Data Systems Inc.

			Share capital
b=billions m = millions		Activity	Issued(a)	Percentage owned		Country of operations(b)
Joint Ventures
Airtel Movil SA (c)(d)		Mobile cellular telephone system provider and operator	Ptas 78b	17.8%		Spain
Albacom SpA		Communication related services and products provider	ITL 543b	45.5%		Italy
Bharti Cellular Limited		Mobile cellular telephone system provider and operator	Rs1.05b	44%		India
Concert BV		Global communication related services and products provider	NLG 50m	100%	(e)	International
e-peopleserve (Jersey) Limited		Human resource training and administration provider	£8.6m	50%		International
LG Telecom		Mobile cellular telephone system provider and operator	Won 953b	24.12%		Republic of Korea
Springboard Internet
Services Limited (f)		Internet service provider	£8.3m	50%		UK
Telenordia AB		Communication related services and products provider	SKr106m	50%		Sweden
(a)	Issued share capital comprises ordinary or common shares, unless otherwise stated. All investments are held through intermediate holding companies.
(b)	All overseas companies are incorporated in their country of operations, with the exception of Concert BV which is incorporated in The Netherlands.
(c)	Airtel Movil SA is being accounted for as a joint venture because of the relationship with other shareholders.
(d)	On 2 May 2001, BT announced that subject to regulatory and procedural approvals Vodafone has agreed to purchase its interest in Airtel Movil SA.
(e)	100% of ordinary `B’ shares held giving an effective economic interest of 50%.
(f)	BT sold its interest in Springboard Internet Services Limited on 25 April 2001.

Share capital     b=billions m = millions Activity Issued(a) Percentage owned   Country of operations(b) Associates           Cegetel SA Communications related services and products provider FFr 9.55b 26%   France Japan Telecom Company Limited (c) Communications related services and products provider ¥32b 30% (d) Japan J-Phone Communications Co Limited(c) Mobile cellular telephone system provider and operator ¥3.2b 20%   Japan Maxis Communications Berhad (e)(f)(g) Communications related services and products provider Myr 158m 33.3%   Malaysia Rogers Wireless Communications Inc Mobile cellular telephone system provider and operator – 16.8% (h) Canada SmarTone Telecommunications Holdings Limited Mobile cellular telephone system provider and operator HK$60m 20.05%   Hong Kong The Link Stores Limited Telecommunications equipment retailer £80 40%   UK (a) Issued share capital comprises ordinary or common shares, unless otherwise stated. All investments are held through intermediate holding companies. (b) All overseas undertakings are incorporated in their country of operations. (c) On 2 May 2001, BT announced that subject to regulatory and procedural approvals Vodafone has agreed to purchase its interests in Japan Telecom Company Limited and J-Phone Communications Co Limited. (d) Held through a BT subsidiary company – 66.7% BT owned, 33.3% AT&T owned. Economic holding is 20%. (e) Certain exchange control constraints operate in Malaysia. (f) Formerly Binariang Berhad. (g) On 4 May 2001, BT announced that it had agreed in principle to sell its interest in Maxis Communications, subject to regulatory and other approvals. (h) Held through a 50% interest in an intermediary company, which holds 33.6% of Rogers Wireless Communications Inc.