BT 1999 Annual Report Download - page 113

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ADDITIONAL INFORMATION FOR SHAREHOLDERS
Dividend investment plan
The share dividend plan has now been withdrawn and is being replaced by a dividend investment plan which will be available
to ordinary shareholders in respect of the proposed 1999 final dividend to be paid on 20 September 1999. The last date for
lodging mandates for the BT dividend investment plan in respect of the final dividend is 20 August 1999. Under the plan, the cash
from participants’ dividends is used to buy further BT shares in the market.
ADR Shareholder Services Programme
Details of the Morgan Guaranty Trust shareholder services programme, including reinvestment of dividends, are available
from Morgan Guaranty Trust Company of New York on 1 800 749 1687 (toll free in the United States) or [phone]
(from outside the United States), or on written request to the ADR Depositary.
Results announcements
Expected announcements of results:
1st quarter 29 July 1999
2nd quarter and half year 11 November 1999
3rd quarter and nine months February 2000
4th quarter and full year May 2000
2000 annual report and accounts published June 2000
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ShareGift
The Orr Mackintosh Foundation operates a charity share donation scheme for shareholders with small parcels of shares whose
value makes it uneconomic to sell them. Details of the scheme can be obtained from the BT Shareholder Helpline. Information is
also available on the ShareGift Internet site www.sharegift.org
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Exchange rates
BT publishes its consolidated financial statements expressed in pounds sterling. The following table details certain information
concerning the exchange rates between pounds sterling and US dollars based on the noon buying rate in New York City for cable
transfers in pounds sterling as certified for customs purposes by the Federal Reserve Bank of New York (the Noon Buying Rate).
YEARS ENDED 31 MARCH 1995 1996 1997 1998 1999
!!!11101!!!0111!!!0111!!!0111!!!0111!!!!!
Period end 1.62 1.53 1.64 1.68 1.61
Average (a) 1.57 1.52 1.60 1.65 1.65
High 1.64 1.56 1.71 1.70 1.72
Low 1.46 1.50 1.49 1.58 1.60
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(a) The average of the Noon Buying Rates in effect on the last day of each month during the relevant period.
On 18 May 1999, the most recent practicable date for this annual report, the Noon Buying Rate was US$1.62 to £1.00.
Taxation (US Holders)
This is a summary only of the principal US federal income tax and UK tax consequences to beneficial owners of ADSs who either
are resident in the United States or hold ordinary shares or ADSs as assets effectively connected with a US trade or business
(US Holders). It is not a complete analysis or listing of all potential tax consequences of the purchase, ownership and disposal of
ordinary shares or ADSs.
Investors are advised to consult their tax advisers with respect to the tax consequences of their holdings, including the
consequences under applicable state and local laws. The statements of UK and US tax laws and practices set out below are
based on the laws in force and as interpreted by the relevant taxation authorities as of the date of this annual report. The
statements are subject to changes occuring after that date in UK or US law or practice, in the interpretation thereof by the
relevant taxation authorities, or in any double taxation convention between the United States and the UK.
In particular, this summary is based on the current convention between the United States and the UK for the avoidance of double
taxation with respect to taxes on income and capital gains (the Treaty) and the US Internal Revenue Code of 1986, as amended.
The Treaty is currently under renegotiation.