Introduction
		Group structure
		Group strategy
		Keep a relentless focus on improving customer satisfaction
		Put broadband at the heart of BT
		Create mobility services and solutions
		Transform our network for the twenty-first century
		Achieve competitive advantage through cost leadership
		Lead the world in network-centric ICT solutions
		Reinvent our traditional business
		Motivate our people and live the BT values
		Research and development and IT support
		Regulation, competition and prices
		Relationship with HM Government
		Legal proceedings
		Please see cautionary statement regarding forward-looking statements. All customer numbers are given as at 31 March 2004, 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.