BT 2004 Annual Report Download - page 142

Cautionary statement regarding forward-looking statements
Certain statements in this annual report are forward-looking and are made in reliance on the safe harbour
provisions of the US Private Securities Litigation Reform Act of 1995. These statements relate to analyses and
other information which are based on forecasts of future results and estimates of amounts not yet determinable.
These statements include, without limitation, those concerning: BT’s strategy and its ability to achieve it; BT’s
debt reduction plans; growth of, and opportunities available in, the communications industry and BT’s
positioning to take advantage of those opportunities; expectations regarding competition, market shares, prices
and growth; expectations regarding the convergence of technologies; growth and opportunities in new wave
business (ICT, broadband, mobility and managed services); BT’s network development and plans for the
21st century network; plans for the launch of new products and services; network performance and quality; the
impact of regulatory initiatives on operations, including the regulation of the UK fixed wholesale and retail
businesses; BT’s possible or assumed future results of operations and/or those of its associates and joint
ventures; BT’s future dividend policy; capital expenditure and investment plans; adequacy of capital; financing
plans; demand for and access to broadband and the promotion of broadband by third-party service providers;
and those preceded by, followed by, or that include the words ‘‘believes’’, ‘‘expects’’, ‘‘anticipates’’, ‘‘intends’’
or similar expressions.
Although BT believes that the expectations reflected in these forward-looking statements are reasonable,
it can give no assurance that these expectations will prove to have been correct. Because these statements
involve risks and uncertainties, actual results may differ materially from those expressed or implied by these
forward-looking statements.
Factors that could cause differences between actual results and those implied by the forward-looking
statements include, but are not limited to: material adverse changes in economic conditions in the markets
served by BT and its lines of business; future regulatory actions and conditions in its operating areas, including
competition from others in the UK and other international communications markets; selection by BT and its
lines of business of the appropriate trading and marketing models for its products and services; technological
innovations, including the cost of developing new products and the need to increase expenditures for improving
the quality of service; the anticipated benefits and advantages of new technologies not being realised;
developments in the convergence of technologies; prolonged adverse weather conditions resulting in a material
increase in overtime, staff or other costs; the timing of entry and profitability of BT and its lines of business in
certain communications markets; significant changes in market shares for BT and its principal products and
services; fluctuations in foreign currency exchange rates and interest rates; and general financial market
conditions affecting BT’s performance. Certain of these factors are discussed in more detail elsewhere in this
annual report including, without limitation, in Risk factors.BTundertakes no obligation to update any forward-
looking statements whether as a result of new information, future events or otherwise.
BT Annual Report and Form 20-F 2004141 Additional information for shareholders