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Business review

The review is divided into the following sections:


Group strategy
Customer satisfaction
Reporting on BT Openworld

Demerger of mmO2
Acquisitions and disposals
Debt reduction programme
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
21st century network
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
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.

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