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    Share and ADS pricesa  
Pence per       US$ per      
  ordinary share ADS
 



  High    Low High    Low
  pence pence $ $






 
Years ended 31 March                
2000 1,060.88   623.35   183.04   110.52  
2001 821.78   328.85   139.25   51.47  
2002 420.71   215.75   67.19   30.60  
2003 286.25   141.00   41.95   23.16  
2004 206.75   162.00   34.97   25.65  








 
Year ended 31 March 2003                
1 April – 30 June 2002 286.25   241.00   41.95   36.05  
1 July – 30 September 2002 255.00   154.00   39.62   24.80  
1 October – 31 December 2002 219.00   154.00   35.19   24.30  
1 January – 31 March 2003 209.00   141.00   33.65   23.16  








 
Year ended 31 March 2004                
1 April – 30 June 2003 206.00   162.00   34.97   25.65  
1 July – 30 September 2003 206.75   180.00   33.70   28.90  
1 October – 31 December 2003 190.50   171.25   34.22   29.76  
1 January – 31 March 2004 189.75   173.25   34.80   32.40  








 
Month                
November 2003 188.75   171.25   32.04   29.76  
December 2003 188.25   171.75   34.22   30.17  
January 2004 189.75   175.75   34.80   32.40  
February 2004 182.00   173.25   34.60   32.70  
March 2004 185.00   177.00   34.14   32.69  
April 2004 181.75   177.00   33.48   32.00  
May 2004 179.50   172.00   32.44   30.53  








 
a The pre-19 November 2001 prices shown have been adjusted for the rights issue and demerger that occurred in the 2002 financial year.

The prices are the highest and lowest closing middle market prices for BT ordinary shares, as derived from the Daily Official List of the London Stock Exchange and the highest and lowest sales prices of ADSs, as reported on the New York Stock Exchange composite tape.
     Fluctuations in the exchange rate between the pound sterling and the US dollar affect the dollar equivalent of the pound sterling price of the company’s ordinary shares on the London Stock Exchange and, as a result, are likely to affect the market price of the ADSs on the New York Stock Exchange.

 

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