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  Annual review and summary financial statement 2003
Summary directors' report

Principal activities
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, we serve over 20 million business and residential customers with more than 29 million exchange lines, as well as providing network services to other licensed operators. BT consists principally of three lines of business: BT Retail, BT Wholesale and BT Global Services. Details of our businesses and performance are given in the Report of operations and financial review.

An interim dividend of 2.25 pence per share (2002: nil) was paid on 10 February 2003. The directors recommend a final dividend of 4.25 pence per share (2002: 2.0p) to be paid on 8 September 2003 to shareholders on the register at the close of business on 8 August 2003. This makes a total dividend for the year of 6.5 pence per share (2002: 2.0p).

Details of the current members of the Board are shown here. All served throughout the financial year, with the exception of Ian Livingston and Clayton Brendish, who joined the Board on 8 April and 1 September 2002, respectively. In addition, Philip Hampton served as a director until his retirement on 30 April 2002. Sir Anthony Greener, Louis Hughes and Maarten van den Bergh retire from the Board by rotation. Being eligible, they offer themselves for re-election at the Annual General Meeting. Sir Anthony Greener and Maarten van den Bergh’s contracts are terminable by either party on 12 months’ notice after the initial period. Louis Hughes’s contract is terminable on three months’ notice.

Annual General Meeting
The Notice of the Annual General Meeting to be held at 10.30 am in Barbican Hall at the Barbican Centre, London on 16 July 2003 is contained in a circular, which is sent to shareholders with the Review.

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