SHARE AND ADS PRICES

	Pence per ordinary share			US$ per ADS

		High pence	Low pence		High $	Low $

Years ended 31 March
2003		286.25	141.00		41.95	23.16
2004		206.75	162.00		34.97	25.65
2005		216.25	169.25		40.93	30.34
2006		235.00	196.50		41.71	35.34
2007		321.75	209.25		62.96	37.08

Year ended 31 March 2006
1 April – 30 June 2005		230.07	196.50		41.71	36.83
1 July – 30 September 2005		235.00	215.50		41.59	39.01
1 October – 31 December 2005		224.75	202.50		39.56	35.34
1 January – 31 March 2006		234.50	203.75		41.04	35.96

Year ended 31 March 2007
1 April – 30 June 2006		239.25	209.25		44.75	37.08
1 July – 30 September 2006		268.00	226.75		50.57	41.58
1 October – 31 December 2006		316.50	262.25		62.25	49.09
1 January – 31 March 2007		321.75	290.00		62.96	55.37

Month
November 2006		291.75	275.50		56.20	53.24
December 2006		316.50	287.50		62.25	57.45
January 2007		320.50	304.50		62.70	60.37
February 2007		321.75	295.75		62.96	57.46
March 2007		308.00	290.00		61.39	55.37
April 2007		320.00	308.50		63.76	61.12
1 May to 11 May 2007		319.50	315.75		63.71	62.44

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 closing 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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