Subsidiary undertakings, joint ventures and associates

BT Group plc is the parent company of the group. Brief details of its principal operating subsidiary undertakings, joint ventures and associates at 31 March 2003, all of which were unlisted unless otherwise stated, were as follows:

	Activity	Group interest in allotted capitalb	Country of operationsc
Subsidiary undertakings
British Telecommunications  plcd	Communication related services and products provider	100% ordinary	UK
BT Pty Limitedde	Communication related services and products provider	100% ordinary	Australia
		100% preference
BT Cableships Limitedd	Cableship owner	100% ordinary	International
BT Communications	Telecommunication services provider	100% ordinary	UK
Management Limitedd
BT (Hong Kong) Limitedd	Communication related services and products provider	100% ordinary	Hong Kong
		100% preference
BT Fleet Limitedd	Fleet management company	100% ordinary	UK
BT Global Networks Limitedd	International telecommunication network systems provider	100% ordinary	UK
BT Holdings Limitedd	Investment holding company	100% ordinary	UK
BT Ignite GmbH & Co OHGd	Communication related services and products provider	100% ordinary	Germany
BT Nederland NVdf	Communication related services and products provider	100% ordinary	Netherlands
BT Americas Inc.dg	Communication related services and products provider	100% common	USA
BT Property Limitedd	Property holding company	100% ordinary	UK
BT Subsea Cables Limitedd	Cable maintenance and repair	100% ordinary	UK
BT Ignite Espana SAUd	Communication related services and products provider	100% ordinary	Spain
BT Limiteddh	International telecommunication network systems provider	100% ordinary	International
BT US Investments LLCd	Investment holding company	100% ordinary	USA
Communication Networking	Communication related services and products provider	100% ordinary	UK
Services (UK)d
Communications Global Network	Communication related services and products provider	100% ordinary	Bermuda
Services Limitedd
Esat Telecommunications Limitedd	Telecommunication services provider	100% ordinary	Ireland
Farland BVcd	Provider of trans-border fibre network across BT’s	100% ordinary	International
	partners in Europe
Syntegra Limitedd	Systems integration and application development	100% ordinary	UK
Syntegra Groep BVd	Systems integration and application development	100% common	Netherlands
Syntegra SAd	Systems integration and application development	100% ordinary	France
Syntegra (USA) Inc.cd	Systems integration and electronic business	100% common	International
	outsourcing services

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 May 2003, BT Australasia Pty Limited changed its name to BT Pty Limited.

f In December 2002 BT Ignite Nederland BV was merged into BT Ignite Nederland Holding NV. In the same month BT Ignite Nederland Holding NV changed its name to BT Nederland NV.

g In December 2002, BT North Americas Inc. changed its name to BT Americas Inc.

h In April 2003, BT (Worldwide) Limited changed its name to BT Limited.

		Share capital
b = billions m = millions	Activity	Issueda	Percentage owned	Country of operationsb
Joint Ventures
Albacom SpA	Communication related services and products provider	€417m	45.5%c	Italy
LG Telecom	Mobile cellular telephone system provider and operator	Won 1,386b	16.59%	Republic of South Korea

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.

c Held through a BT subsidiary, 50.5% BT owned. Economic holding is 23%.

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