Business review

The review is divided into the following sections:

Introduction
Group strategy
Customer satisfaction
Broadband
Reporting on BT Openworld
Restructuring
Demerger of mmO₂
Acquisitions and disposals
Property
Concert
Debt reduction programme
Dividend
Pension fund
Lines of business
BT Retail
Core business
New-wave business
Internet access
Enhanced customer access
BT Wholesale
Core business
Changing market conditions
Strategic intent
External new business revenues
Broadband
21st century network
Efficiency
BT Global Services
Meeting customers’ needs
Solutions and value-added services
Customer wins
Business realignment
Global reach
Other businesses
Research and development and IT support
Our people
Regulation, competition and prices
Regulation in the UK
Competition
Pricing regulation
Non-UK regulation
Other significant changes and issues
Relationship with the UK Government
Legal proceedings

Please see cautionary statement regarding forward-looking statements. All customer numbers are given as at 31 March 2003, unless stated otherwise.

EBITDA = Earnings before interest, taxation, depreciation and amortisation. The definition, reconciliation and reasons for disclosing EBITDA are discussed in the Financial review.