BT is one of Europe’s leading providers of telecommunications services. Its principal activities include local, national and international telecommunications services, higher-value broadband and internet products and services, and IT solutions. In the UK, BT serves over 20 million business and residential customers with more than 29 million exchange lines, as well as providing network services to other operators.

BT Group plc is a public limited company registered in England and Wales, with listings on the London and New York stock exchanges.
     This is the annual report for the year ended 31 March 2004. It complies with UK regulations and is the annual report on Form 20-F for the Securities and Exchange Commission to meet US regulations.
     This annual report has been sent to shareholders who have elected to receive a copy. A separate annual review and summary financial statement for the year ended 31 March 2004 has been issued to all shareholders.

In this annual report, references to ‘‘BT Group’’, ‘‘BT’’, ‘‘the group’’, ‘‘the company’’, ‘‘we’’ or ‘‘our’’ are to BT Group plc (which includes the continuing activities of British Telecommunications plc) and its subsidiaries and lines of business, or any of them as the context may require.
     References to the ‘‘financial year’’ are to the year ended 31 March of each year, eg the ‘‘2004 financial year’’ refers to the year ended 31 March 2004. Unless otherwise stated, all non-financial statistics are at 31 March 2004.
     Please see cautionary statement regarding forward-looking statements.

BT was incorporated in England and Wales on 30 March 2001 as Newgate Telecommunications Limited with the registered number 4190816. The company changed its name to BT Group plc on 11 September 2001. Following the demerger of mmO₂ in November 2001, the continuing activities of BT were transferred to BT Group.
     BT Group’s registered office address is 81 Newgate Street, London EC1A 7AJ.

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