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  Operating and financial review

    The Business Review is divided into
the following sections:
    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
    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.


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