BT Group plc Investor meeting slide pack - Q3 2018/19 February 2019 - April 2019 - BT Plc

 
BT Group plc Investor meeting slide pack - Q3 2018/19 February 2019 - April 2019 - BT Plc
BT Group plc
    Investor meeting slide pack
    Q3 2018/19

    February 2019 – April 2019

1   © BT Group plc, 2019
BT Group plc Investor meeting slide pack - Q3 2018/19 February 2019 - April 2019 - BT Plc
Contents

    Overview and Strategy                                3                  Global Services                                   25

    Financials                                           11                 Openreach                                         30

    Consumer                                             17                 Appendix                                          34

    Enterprise                                           21

           Overview
          Overview              Financials
                                Financials    Consumer
                                             Consumer          Enterprise
                                                              Enterprise           GlobalServices
                                                                                  Global  Services    Openreach
                                                                                                     Openreach     Appendix
                                                                                                                  Appendix
         and Strategy
         and Strategy

2        © BT Group plc, 2019
BT Group plc Investor meeting slide pack - Q3 2018/19 February 2019 - April 2019 - BT Plc
Overview and Strategy
BT Group plc Investor meeting slide pack - Q3 2018/19 February 2019 - April 2019 - BT Plc
Who we are, what we sell to our customers

                                                                                                                                      BT Group
                                                       B2C                                                   UK B2B                                   Global B2B                      Fixed network

Divisions                                       Consumer                                                  Enterprise                               Global Services                    Openreach

                    1
Revenue                                           £10.4bn                                                    £6.7bn                                    £5.0bn                            £5.3bn
                1
EBITDA                                             £2.4bn                                                    £2.1bn                                    £0.4bn                            £2.7bn
         1, 2
FCF                                                £1.4bn                                                    £1.6bn                                    £0.1bn                            £1.2bn

Customers                                      UK Consumers                                   UK SMEs3, Corporates, Major                           Global MNCs4                Communications Providers
                                                                                                Business, Public Sector,
                                                                                               Communications Providers

Products                              Mobile, lines, broadband,                              Broadband, networking, voice,                         Managed network            Fibre and copper broadband and
                                            TV, BT Sport                                      mobile, IT services, Ethernet,                          IT services                      voice, Ethernet
                                                                                                   ventures services

1 FY   2017/18 IFRS 15 pro forma numbers   2 Normalised free   cash flow   3 Small-Medium Enterprises 4 Multi-National Corporations

                 Overview
                                                       Financials                               Consumer                              Enterprise            Global Services          Openreach                 Appendix
                and Strategy

4               © BT Group plc, 2019
BT Group strategy – positive progress in all areas

Our purpose                                                               To use the power of communications to make a better world

Our vision                                                       Leadership in converged connectivity and services, brilliantly delivered

Our goal                                                                              Drive sustainable growth in value

                                     Converged Services for UK
                                     Consumer and Enterprise                                                            Invest
                                                                                       Deliver                                                 Transform
                                                                                   differentiated                         in
                                                                                                                                                  our
Our strategy                         Digital Global Services for MNCs1
                                                                                     customer                         integrated
                                                                                                                                               operating
                                                                                    experiences                        network
                                                                                                                                                 model
                                     Unmatched UK-wide Fixed Access                                                   leadership
                                     for all CPs2

                                                                                      Renew our capabilities and culture

Our values                                            Personal                                      Simple                                     Brilliant
1 Multi-National Corporations
2   Communications Providers
               Overview
                                      Financials               Consumer                Enterprise            Global Services       Openreach               Appendix
              and Strategy

5             © BT Group plc, 2019
BT uniquely positioned to lead in network, product and service convergence

                                One converged network                                                                                  Convergence in Europe

                                                         Always connected

                                                                                                   34%
                                                         Best performance
                                                                                                                    25%                23%
                                                             Best value                                                                           12%
                                                                                                                                                                6%   5%              4%

                            Delivers fully converged services

                 - Fixed                                                                      Source: McKinsey – based on quad-play penetration
    Voice        - Mobile
                                                  •   Shared allowances
                                                                                              •      Increasing trend towards convergence in Europe
    Data
                - Office/home                     •   Services across multiple
                - On the go
                                                      devices                                 •      Lower churn, driving loyalty in the base
                 - Any
    Content        platform                       •   Personalised experience                 •      Low UK penetration and strong latent demand: BT Plus
                                                                                                     launched in Q1, c.500K subscribers after six months, now
                                                                                                     offered with Complete Wi-Fi
       Overview
                                     Financials                Consumer          Enterprise                          Global Services                Openreach             Appendix
      and Strategy

6    © BT Group plc, 2019
Deliver differentiated customer experiences

                 Movement in Group Net Promoter Score (NPS)
                                                                                                               1                     •     Group NPS and RFT continue to improve:
    20                                                                                                                                       – ten consecutive quarters of Group NPS improvement
    15                                                                                                                               •     Service:
    10
                                                                                                                                             – Openreach ahead on all 42 Ofcom copper and fibre
                                                                                                                                                 minimum service levels
     5
                                                                                                                                             – Openreach best ever Ethernet provisioning
     0
          Q1         Q2         Q3        Q4         Q1        Q2         Q3         Q4        Q1         Q2        Q3                       – Ofcom complaints reflect Q2 price increase: YoY improvement
    -5
                         2016/17
                       2016/17                                         2017/18
                                                                  2017/18                                   2018/19
                                                                                                        2018/19                                  for lines and broadband
                                                                                                         2
                     Movement in Group Right First Time (RFT)                                                                                – increased BT Sport viewing across all platforms
16%                                                                                                                                          – BT mobile, broadband and voice customers moving to annual
12%                                                                                                                                              CPI price increases – no increase in 2019
8%                                                                                                                                   •     Products:
4%                                                                                                                                           – BT Plus introduced Complete Wi-Fi
0%
                                                                                                                                             – Enterprise launched new features to BT Net
          Q1         Q2         Q3        Q4         Q1         Q2         Q3        Q4         Q1           Q2       Q3                     – Global Services launched Cloud Connect for Google
1 Group NPS
                       2016/17                                    2017/18                               2018/19
             shows the cumulative movement in our customers' perception of BT since April 2016. It's a combined measure of ‘promoters’ minus ‘detractors’ across our business units.
2 Group RFT is our key measure of customer service and shows the cumulative movement since April 2016. It tracks how often we keep our promises to customers (e.g. completing orders/fixing faults on time).

The scope of NPS and RFT are re-baselined at the start of the financial year.
               Overview
                                                      Financials                           Consumer                             Enterprise                            Global Services                          Openreach   Appendix
              and Strategy

7             © BT Group plc, 2019
Invest in integrated network leadership

                                  Fixed                   •   5G launch locations                                                                                            Mobile
                                                          •   Existing and announced FTTP locations
                                                          •   FTTP and 5G launch location

                  1
    •    FTTP deployment at c.13,000                                                                                                  •         Continuing to improve 4G geographic
         premises/week with focus on                                                                                                            coverage
         commissioning in Q3
                                                                                                                                      •         Demonstrated 5G capability in London
    •    Building in 14 locations – further 11
                                                                                                                                      •         Plans to roll out 5G in 16 UK cities in 2019
         locations announced                                                   Glasgow
                                                                                         Edinburgh

                                                                                                                                      •         5G launch plan includes home router and a
    •    FTTP costs remain at lower end of                                                    Newcastle

                                                                                                                                                number of handset partners
         expectations                                            Belfast

                                                                                                                                      •
                                                                                                   Leeds
                                                                                             Bury            Hull
                                                                                                                                                EE again ranked UK’s best mobile network
    •    c.2.6m premises passed with ultrafast                                        Salford    Manchester
                                                                                 Liverpool
                                                                                    Wirral
                                                                                                         Sheffield
                                                                                                                                                by both Rootmetrics and P3
         technology                                                                  Sutton Coldfield
                                                                                                           Nottingham

                                                                                                           Leicester
                                                                                     Birmingham
    •    Openreach volume discount deal –                                                           Coventry

         c.680,000 fibre broadband net adds in Q3                              Swansea
                                                                                         Cardiff
                                                                                                                  Redbridge
                                                                                                                  London
                                                                                               Bristol

                                                                                     Exeter
                                                                                                                    –   Barking & Dagenham        –   Harrow
1 Fibre-to-the-Premises                                                                                             –   Bexley                    –   Merton
                                                                                                                    –   Croydon                   –   Richmond upon Thames

             Overview
                                      Financials   Consumer                         Enterprise                                Global Services                        Openreach        Appendix
            and Strategy

8          © BT Group plc, 2019
Transformation drives long-term growth1

           Deliver
           differentiated                             Increased                     Improved                             Increased                  Increased
                                                                                                                           2
           customer                                   ARPUs and                       Customer                       FMC product                       Digital
           experiences                                  RGUs                         experience                       penetration                   interaction

                                     Transform                          c.13,000                  c.£1.5bn                           c.£800m
                                                                                                                                       Cost to
                                     our                                  Gross                     Gross
                                                                                                                                     achieve with
                                     operating                             role                      cost
                                                                                                                                        2 year
                                     model                              reduction                 reduction
                                                                                                                                       payback

1   3-year targets
2   Fixed Mobile Convergence

                 Overview
                Overview                 Financials
                                         Financials          Consumer
                                                            Consumer                 Enterprise
                                                                                    Enterprise         GlobalServices
                                                                                                      Global  Services            Openreach
                                                                                                                                 Openreach                Appendix
                                                                                                                                                         Appendix
               and Strategy
               and Strategy

9             © BT Group plc, 2019
Progress with transforming our operating model

                                                                                         Progress in first nine months of 2018/19:
                Simplify operating model                                                 •       Gross reduction of c.2,800 roles
                                                                                         •       £350m annualised benefits at cost of £206m at end H1, on track for
                Simplify and delayer our                                                         3-year targets
                management structures
                                                        Sustained improvement in
                                                          customer experiences           •       31,000 employees transferred to Openreach
         Drive productivity improvement in
               our core UK operations                                                    •       DCR1 commitments largely complete
                                                             Lean and simple             •       Northern Ireland Networks transferred to Openreach
           Accelerate delivery of digital GS                   organisation
                                                                                         •       Business and Public Sector combined with Wholesale and Ventures to
       Consolidate our sites to c.30 modern,                                                     form new Enterprise division:
                  strategic sites                       Sustained improvement in
                                                                                                 –   accelerate transformation
                                                          costs and productivity
            Move from buying to strategic
                                                                                                 –   simplify operating model
                     sourcing
                                                                                                 –   strengthen accountabilities
                    Digitalise processes
                                                                                         •       Two disposals in line with strategy to exit non-core businesses
                                                                                         •       Hundreds of ongoing transformation initiatives
1   Digital Communications Review

                 Overview
                Overview                   Financials
                                           Financials     Consumer
                                                         Consumer                   Enterprise
                                                                                   Enterprise                 GlobalServices
                                                                                                             Global  Services        Openreach
                                                                                                                                    Openreach              Appendix
                                                                                                                                                          Appendix
               and Strategy
               and Strategy

10            © BT Group plc, 2019
Financials
First nine months of 2018/19 results – financial overview

                                                                                                                      First nine months First nine months        Change YoY
                                                                                                                            2018/19          2017/18
                                                                                                                                            (IFRS15 pro forma)

                                    1
  Adjusted revenue                                                                                                       £17,606m              £17,835m             (1)%
                            2
  –        underlying                                                                                                                                              (0.9)%

                                1
  Adjusted EBITDA                                                                                                         £5,553m               £5,541m               -
                                               3
  Normalised free cash flow                                                                                               £1,737m               £1,947m            (11)%

  Net debt                                                                                                               £11,114m               £8,923m           £2,191m
                                                     3
  Reported capital expenditure                                                                                            £2,810m               £2,571m             9%
1 before specific items
2 before specific items, foreign exchange movements and disposals
3 before specific items, pension deficit payments and the cash tax benefit of pension deficit payments

            Overview
                                                Financials                         Consumer              Enterprise       Global Services        Openreach         Appendix
           and Strategy

12         © BT Group plc, 2019
2018/19 financial outlook unchanged – expect EBITDA around top end of guidance

                                    1
    Underlying revenue ex transit                                                                                                           c.(2)%

                               2
    Adjusted EBITDA                                                                                                                     £7.3bn - £7.4bn

    Capital expenditure (excluding BDUK clawback)                                                                                          c.£3.7bn

                                               3
    Normalised free cash flow                                                                                                           £2.3bn - £2.5bn

    Dividend per share                                                                                                                    Unchanged

1 excludes specific items, foreign exchange movements and disposals
2 before specific items
3 before specific items, pension deficit payments and the cash tax benefit of pension deficit payments

              Overview
                                                Financials
                                                Financials                        Consumer
                                                                                  Consumer               Enterprise
                                                                                                         Enterprise   Global
                                                                                                                      GlobalServices
                                                                                                                             Services      Openreach
                                                                                                                                           Openreach      Appendix
                                                                                                                                                           Appendix
             and Strategy

13           © BT Group plc, 2019
Summary – medium term outlook unchanged

£m
8,000                                 Adjusted EBITDA

7,500

7,000                                                                              •      Consistent delivery against strategic pillars

6,500                                                                              •      Sound operational and financial performance
           7,577
6,000                                                                              •      Increasing market and regulatory challenges

5,500                                                                              •      2018/19 outlook maintained

5,000                                                                              •      Medium term outlook unchanged

         Overview
         Overview              Financials
                               Financials               Consumer
                                                        Consumer   Enterprise
                                                                   Enterprise   Global
                                                                                Global Services
                                                                                       Services            Openreach
                                                                                                           Openreach              Appendix
                                                                                                                                  Appendix
        and
        and Strategy
            Strategy

14      © BT Group plc, 2019
Financial strategy and priorities for cash flow

                                                            Drive sustainable growth in value

                                                                       Grow EBITDA

                                                                   Grow free cash flow
                                                                                                    Maintain
                                                     Invest for     Support        Progressive
                                                                                                 strong balance
                                                      growth      pension fund      dividends
                                                                                                      sheet

                                                                                    •   Dividend outlook flat in
     •     Target 3m FTTP by end          •   Agreement reached on                                                       •    Smooth long-dated debt
                                                                                        18/19 and 19/20
           2020/21                            June 2017 triennial                                                             maturity profile
                                                                                    •   Interim dividend set at
     •     Launching 5G in 16 cities      •   £2bn bonds issued to                                                       •    Targeting BBB+ through
                                                                                        30% of prior full year
           in 2019                            BTPS                                                                            the cycle
                                                                                        dividend

      Overview
                             Financials          Consumer                  Enterprise                  Global Services       Openreach          Appendix
     and Strategy

15   © BT Group plc, 2019
Strong balance sheet and reduced pension deficit
                                                                                         £m
                                      Net Debt                                                            Debt maturity and rates as at 31 December 2018
  •       Ample liquidity: £3.8bn cash & current investments and £2.1bn
          undrawn committed facilities1
  •       £2.0bn pension contribution, funded by BTPS2 subscribing for long-
          dated sterling bonds issued by BT in June 2018
  •       Targeting BBB+ credit rating through the cycle:
            – currently BBB or equivalent
  •       Smooth, long dated maturity profile
                                       Pension
  •       IAS 19 deficit £5.0bn (net of tax) at 31 December 2018
  •       Compared to 30 September 2018 valuation:                                                                                   Net debt
            – decline in assets due to market movements
            – increase in liabilities due to fall in real discount rate
  •       Appeal of Section C indexation case rejected by court of appeal
  •       High court ruled against BT in relation to a decision by HM Treasury
          concerning public sector pension increases                                            £11,895m
                                                                                                                                                               £11,114m
  •       We are seeking permission to appeal both judgments
  •       Impact on BT Group of Lloyds Banking Group’s High Court judgment
          on equalisation of pension benefits of c.£100m increase in liabilities
1 at   September 2018                                                                            30 Sep                      Normalised                Other   31 Dec 2018
2 BT   Pension Scheme                                                                             2018                          FCF
              Overview
              Overview              Financials
                                    Financials             Consumer
                                                           Consumer                Enterprise
                                                                                   Enterprise              Global Services
                                                                                                           Global Services                      Openreach
                                                                                                                                                Openreach        Appendix
                                                                                                                                                                 Appendix
             and Strategy
             and Strategy

16          © BT Group plc, 2019
Consumer
Consumer – at a glance

                                        EE and BT Consumer brought together from 1 April 2018 with three distinct brands

                46%                                           34%                                                         >14m                                                       >1bn
      of BT Group revenue                              of BT Group EBITDA                                                homes with                                            yearly customer
          in YTD 18/19                                     in YTD 18/19                                                30m relationships                                         touchpoints

                                       Home-centric                                                            Mobile-centric                                                        Value-focus

                       #1 for superfast fibre                                #1 UK mobile brand & network                                                             #1 value brand
                       Convergence ready                                             #1 spectrum position                                                                 High NPS
                        Premium content                                     #1 Best Big Company to Work For                                                       Broadband and mobile
                Reliability and peace of mind                                Digital savvy, younger audience                                                     Seek value, honest service
             Connectivity for the whole family                            Mobile handset most important device                                                 Less interested in convergence
         Overview
      Overview                                                                    Business                        Wholesale
                                        Financials
                                 Financials           Consumer Consumer                           Enterprise                    Global Services
                                                                                                                                             Global Services       Openreach
                                                                                                                                                                         Openreach           Appendix
                                                                                                                                                                                               Appendix
       and
     and    Strategy
         Strategy                                                             and Public Sector                  and Ventures

18    © BT Group plc, 2019
Consumer – strategy to become UK market leader in convergence

Our
purpose                          To use the power of communications to make a better world

Our
vision
               Become the UK market leader in convergence, to drive sustainable growth in value
                                                                                                                                                             5m
                                                                                                                                                             5m                                 13m
                                                                                                                                                                                                13m
                                                                                                                                                          (BT homes
                                                                                                                                                         (BT  homes                         (homes with
                                                                                                                                                                                           (homes   with no
                                                                                                                                                                                                         no
                           1              2                    3                  4                   5                    6                              with no
                                                                                                                                                         with  no EE
                                                                                                                                                                  EE                       relationship with
                                                                                                                                                                                          relationship  with
                                                                                                                                                        relationship) ++
                                                                                                                                                       relationship)                      Consumer brands)
                                                                                                                                                                                         Consumer    brands)
                                                          Best personal Personalisation
                  Three              One smart                                            Best for                  Open, super-
Our                                                         and local    through data
               great brands           network                                           partnerships                aggregator TV
                                                             service      and digital
strategy
&                                                                                                                                                                3m
                                                                                                                                                                 3m
enablers                                                                                                                                                    (homes with
                                                                                                                                                           (homes   with aa
                                                                                                                                                          relationship with
                                                                                                                                                         relationship  with                          5m
                                                                                                                                                                                                     5m
                                                              Best place to work                                                                           both BT
                                                                                                                                                          both   BT &
                                                                                                                                                                    & EE)
                                                                                                                                                                      EE) ++
                                                                                                                                                                                                (EE homes
                                                                                                                                                                                               (EE  homes with
                                                                                                                                                                                                            with
                                                                                                                                                                                             no BT
                                                                                                                                                                                             no  BT relationship)
                                                                                                                                                                                                    relationship) ++
Our
                               Personal                              Simple                                 Brilliant
values                                                                                                                                                                                1m

             Overview
          Overview                                                                         Business                      Wholesale
                                             Financials
                                      Financials                   Consumer Consumer                       Enterprise                  Global Services
                                                                                                                                                   Global Services         Openreach
                                                                                                                                                                                 Openreach                 Appendix
                                                                                                                                                                                                             Appendix
         andand Strategy
             Strategy                                                                  and Public Sector                and Ventures

19        © BT Group plc, 2019
Consumer – solid performance in tough market conditions

• Revenue up 4%:
                                                                                                                                                     Q3                      Q3
                                                                                                                                                                                                     Change
         – benefit of September 2018 BT price increase                                                                                             2018/19                 2017/18
         – increase in handset costs for customers
                                                                                                                   Revenue                         £2,785m                 £2,680m                        4%
         – offset by Solus voice price reductions
• EBITDA up 15%, driven by BT price increase and one-off prior                                                     EBITDA                            £643m                   £558m                     15%
  year adjustment
                                                                                                              Rising smartphone retail price               Declining high-end                Revised broadband
• Challenging market conditions:                                                                                       and tenure                         smartphone volumes                       pricing
         – slowing high-end smartphone sales                                                                                  price +51%
                                                                                                                                                                                                    Prior         New
         – continued aggressive broadband price competition
                                                                                                                                                                                                    c.9    12
                                                                                                                                          +2                                        Frequency
         – regulatory headwinds                                                                                                tenure    mths                                                      months months

• Ofcom review of broadband pricing and end of contract                                                                                                                             Uplift          c.6%          CPI
  notifications
                                                                                                                                                                                    Incl in
                                                                                                                                                                                                                 ✔
                                                                                                                                                                                    T&Cs1
1 Included   in customer Terms and Conditions
                                                                                                                    2016       2017       2018             Q3 17/18   Q3 18/19
                 Overview
              Overview                                                                Business                       Wholesale
                                                 Financials
                                          Financials          Consumer Consumer                       Enterprise                      Global Services
                                                                                                                                                  Global Services      Openreach
                                                                                                                                                                             Openreach               Appendix
                                                                                                                                                                                                       Appendix
             andand Strategy
                 Strategy                                                         and Public Sector                 and Ventures

20            © BT Group plc, 2019
Enterprise
Enterprise – at a glance

•     Enterprise comprises retail and wholesale B2B markets                                                                Our revenues are derived from voice and data services
•     Addressable retail market for core telecoms and IT services is £23bn1
•     Markets moving to new IP and cloud services:                                                                                                    Revenue split by products2
                                                                  3                                     3
     – traditional voice lines declining c.10% pa , but IP growing c.30% pa
     – retail mobile market is growing 1% pa4
     – growth in IT services from move to the cloud 2% pa4
•     Investing in capability to exploit convergence over best network:
     – clear propositions for all segments, strong integrated portfolio
     – improving customer experience, NPS +32 points over last 2 years
     – increasing sales effectiveness and coverage, targeted marketing
     – lower operating costs from automation, less failure
                                                                                                                   Fixed    Managed Services (contract)          Mobile   Republic of Ireland and Other    Ventures
1 IDC 2014/15 – 2015/16
2 Enterprise revenue, 2017/18 full year
3 Q3 2018/19
4 2015/16 – 2016/17

             Overview
          Overview                                                                    Business                      Wholesale
                                                 Financials
                                          Financials          Consumer Consumer                       Enterprise                   Global Services
                                                                                                                                               Global Services        Openreach
                                                                                                                                                                            Openreach              Appendix
                                                                                                                                                                                                     Appendix
         andand Strategy
             Strategy                                                             and Public Sector                and Ventures

22        © BT Group plc, 2019
Enterprise markets – at a glance

                     Wholesale – fixed and mobile network services                                              Retail – three channels with opportunity to grow
    Fixed network           Mobile network                     Media and
                                                   Resellers                         MVNO                                   Enterprise market share1
      operators               operators                        Broadcast

                                                                                                         100%

                                                                                                         75%

                                                                                                         50%
                                                Ventures

                                                                                                         25%
                                                                                                                      29%
                                                                                                                                               19%                     17%
                                                                                                          0%
                                                                                                                      SME                      Corp            Major & Public Sector

                                                                                                                                     B&PS          Rest of market

1   as at May 2016
              Overview
              Overview                                               Business                 Global                 Wholesale
                                             Financials
                                             Consumer               Consumer                Enterprise             Global Services              Openreach
                                                                                                                                                Openreach                Appendix
                                                                                                                                                                         Appendix
             and Strategy
             and Strategy                                        and Public Sector           Services              and Ventures

23          © BT Group plc, 2019
Enterprise – Public Sector continues to perform well, legacy pressures continue

•    Revenue down 6% due to:
                                                                                                                                           Q3                   Q3
                                                                                                                                                                            Change
      – continued declines in traditional voice and other legacy                                                                         2018/19              2017/18
        products, lower equipment sales, and sale of cables
        business                                                                                       Revenue                           £1,555m              £1,654m         (6)%
      – partly offset by growth in networking, IP, and Ventures
        messaging volumes                                                                              EBITDA                             £501m                 £512m         (2)%
      – fixed down 8%, mobile up 2%
•    EBITDA down 2%:                                                                                                                   Enterprise operating costs
                                                                                                       £m
      – reflects revenue decline, partly offset by lower operating
                                                                                                   1,200
        costs
                                                                                                   1,150
•    Public Sector continues to perform well:
                                                                                                   1,100
      – 5 year cyber security services contract with Police ICT
        Company                                                                                    1,050

      – 2 year mobile services contract with HMRC                                                  1,000
                                                                                                                    Q1    Q2    Q3    Q4    Q1    Q2    Q3    Q4    Q1    Q2    Q3
      – 3 year mobile services contract with Police Scotland                                                       16/17 16/17 16/17 16/17 17/18 17/18 17/18 17/18 18/19 18/19 18/19
          Overview
       Overview                                                           Business                           Wholesale
                                     Financials
                              Financials          Consumer Consumer                       Enterprise                       Global Services
                                                                                                                                        Global Services   Openreach
                                                                                                                                                                Openreach   Appendix
                                                                                                                                                                              Appendix
        and
      and    Strategy
          Strategy                                                    and Public Sector                     and Ventures

24     © BT Group plc, 2019
Global Services
Global Services – at a glance
GS is the international arm of BT, serving its customers globally and securely

       £5bn                   c.5,200                   800                         >180

                                                                            Countries we
      Revenue             Total customers          Focus MNC
                                                                           deliver services
     (FY17/18)                served               customers
                                                                                  in

                                                                                                          76                      2,600                      15                4

                                                                                                Countries we                                            Security
                                                                                                                             Security                                   Global service
                                                                                                have people                                            Operation
                                                                                                                           professionals                                    hubs
                                                                                                 presence                                             Centres (SOC)

          Overview
       Overview                                                              Business                      Wholesale
                                      Financials
                              Financials           Consumer   Consumer                       Enterprise                  Global Services
                                                                                                                                    Global Services    Openreach
                                                                                                                                                            Openreach      Appendix
                                                                                                                                                                            Appendix
      andand Strategy
          Strategy                                                       and Public Sector                and Ventures

26     © BT Group plc, 2019
Global Services – repositioning, focusing on core MNCs, differentiating

•       Transformation programme to address challenges and
        opportunities in a disrupted global marketplace:
                                                                                                                                                                  We are
          – shift from hardware to software models                                                                    We are radically
                                                                                                                                                              future-proofing              We are moving at
                                                                                                                      repositioning our                                                  pace to reduce risk and
          – move away from individual to platform-based                                                           business around our core
                                                                                                                                                          GS by building value in
                                                                                                                                                           strategically selected         deliver higher returns
              solutions                                                                                                   markets
                                                                                                                                                              areas of growth
          – demand for deal flexibility
          – embrace partnerships where others excel
          – requirement for sophisticated security of hybrid
              networks                                                                                                                                                            Industry Verticals

                                                                                                                                                                      Banking &
•       Simultaneously running ten strategic transformation                                                Globally                                                   Financial
        programmes to simplify the business                                                                Managed                                                    Services
                                                                                                            MNCs

•       Making substantial progress in de-risking                                                             200                                                     Resources,
                                                                                                           customers                                                  Manufacturing
                                                                                                                                                                      & Logistics
•       Moving to an increasingly asset-light operation with                                        Other Focus MNCs
        improved return profile:                                                                        600 customers                                                 Technology,
                         1           2                                                                                                                                Life Sciences &
          – EBITDA, FCF and ROCE all expected to increase                                          Regional Enterprise                                                Business
                                                                                                                                                                      Services
1   Free Cash Flow   2   Return On Capital Employed                                                     4,400 customers
               Overview
            Overview                                                                    Business                       Wholesale
                                                   Financials
                                            Financials          Consumer Consumer                        Enterprise                  Global Services
                                                                                                                                                 Global Services       Openreach
                                                                                                                                                                             Openreach            Appendix
                                                                                                                                                                                                    Appendix
           andand Strategy
               Strategy                                                             and Public Sector                 and Ventures

27          © BT Group plc, 2019
Overall, we are moving to an increasingly asset-light operation with an improved return
to the business

         Overview
      Overview                                                           Business                      Wholesale
                                    Financials
                             Financials          Consumer Consumer                       Enterprise                  Global Services
                                                                                                                                 Global Services   Openreach
                                                                                                                                                         Openreach   Appendix
                                                                                                                                                                       Appendix
     andand Strategy
         Strategy                                                    and Public Sector                and Ventures

28    © BT Group plc, 2019
Global Services – steady improvement in performance

•          Revenue down 5% due to:
                                                                                                                                                   Q3                     Q3
                                                                                                                                                                                                 Change
             – decision to reduce low margin business                                                                                            2018/19                2017/18

•          EBITDA up 4% driven by:                                                                           Revenue                             £1,202m                £1,265m                      (5)%
             – positive cost performance
                                                                                                             EBITDA                                £147m                 £141m                       4%
•          Delivering steady progress against Digital GS strategy:
             – strong industry ratings in Q3 for Unified Communications                                                  Global Services’ revenue and EBITDA movements
               and Managed Security services                                                             £m                                                       £m
                                                                                                                               GS YTD Revenue                                        GS YTD EBITDA
                                                                                                        3,900                                                     390
             – first international provider to receive telecoms licences in                             3,800
                                                                                                        3,700                                                     340
               China                                                                                    3,600
                                                                                                                                                                  290
                                                                                                        3,500
                                                                                                        3,400                                                     240
                                                                                                        3,300
                                                                                                        3,200                                                     190
                                                                                                        3,100
                                                                                                        3,000                                                     140

1 Global   Wholesale Voice
                Overview
             Overview                                                           Business                         Wholesale
                                           Financials
                                    Financials          Consumer Consumer                       Enterprise                         Global Services
                                                                                                                                                Global Services    Openreach
                                                                                                                                                                         Openreach               Appendix
                                                                                                                                                                                                   Appendix
              and
            and    Strategy
                Strategy                                                    and Public Sector                   and Ventures

29           © BT Group plc, 2019
Openreach
Openreach – at a glance

•    Maintains and builds access network between homes and business                                                       Openreach serves c.26m customers through CPs
     and exchanges; huge engineering operation
                                                                                                             Consumer / Residential                 Business and Corporate           Infrastructure

•    >27m premises passed with superfast fibre broadband network                                                           c.21m                                c.5m                       • Fibre
                                                                                                                                                                                           • New sites
                                                                                                                                                                 business
                                                                                                                           end customers                       connections                 • Data centres
•    ‘Fibre First’ commitment to deliver FTTP to 3m premises by March
     2021, ambition for 10m by mid-2020s, if conditions are right

•    Commitment to serving >600 CPs nationwide on equal access terms

•    Supplies copper and fibre access products, Ethernet and backhaul

•    Ofcom regulates >90% of Openreach revenue, and has charge
     controls over c.75%                                                                                                                               OPENREACH
                                                                                                             >600 Communications Providers with access to c.30m end customers

                                                                                                               Access products, eg copper, Fibre, ISDN               Ethernet and backhaul products

           Overview
        Overview                                                              Business                      Wholesale
                                       Financials
                               Financials           Consumer   Consumer                       Enterprise                      Global Services
                                                                                                                                         Global Services        Openreach
                                                                                                                                                                     Openreach               Appendix
                                                                                                                                                                                              Appendix
       andand Strategy
           Strategy                                                       and Public Sector                and Ventures

31      © BT Group plc, 2019
Openreach – stimulating fibre take-up through volume discounts

                                                                                                            Openreach fibre volume discounts:
      Core                                                                                                  • Openreach announced volume-related discounts to encourage CP
     Network                                                                                                   take-up of superfast and ultrafast, effective August 21st 2018:
                                                                                                               – more than 17.5 million homes and businesses could order
                                                                                                                     better broadband over the Openreach network
                                                                                                            • Multi-year offer with volume, mix and forecasting commitments
                                                                                                               for long-term discounts:
                                                                                                               – tier structure covering 3 and 5 year take-up commitments
                                                                                                               – qualification criteria based on current take-up of fibre
                                                                                                               – discounts go beyond Ofcom’s WLA GEA40 pricing controls
                                                                                                               – key clauses include CP-CP migration threshold and volume
                                                                                                                     protection for small competing alt nets
                                                                                                            • Financial impact:
                                                                                                               – adverse impact on Openreach was c.£60m in Q3
                                                                                                               – final net impact at Group level will depend on retail market
                                                                                                                     dynamics

            Overview
         Overview                                                              Business                       Wholesale
                                        Financials
                                Financials           Consumer   Consumer                       Enterprise                   Global Services
                                                                                                                                       Global Services   Openreach
                                                                                                                                                              Openreach   Appendix
                                                                                                                                                                           Appendix
        andand Strategy
            Strategy                                                       and Public Sector                 and Ventures

32       © BT Group plc, 2019
Openreach – increasing take up of FTTC1 and Ethernet

•      Revenue down 9% due to:
                                                                                                                                              Q3                  Q3
                                                                                                                                                                                           Change
         – regulation, volume related discounts, physical line losses,                                                                      2018/19             2017/18
           and one-off IFRS 15 benefit last year
                                                            1                                                 Revenue                       £1,256m             £1,379m                       (9)%
         – offset by continued growth in FTTC and Ethernet
•      EBITDA down 19% due to:
                                                                                                              EBITDA                          £603m               £747m                      (19)%
         – revenue decline and pay inflation
         – partially offset by efficiency savings                                                                               Total FTTP build – premises per week
                                                                                                         25,000
•      Positive engagement with Ofcom on a number of regulatory
                                                                                                         20,000
       reviews:
                                                                                                         15,000
         – seeking further clarity on key enablers to underpin
           expansion of FTTP target                                                                      10,000

                                                                                                              5,000

                                                                                                                  0
                                                                                                                  Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19
1 Fibre-to-the-Cabinet                                                                                                         Total FTTP Build per week     Linear (Total FTTP Build per week)
             Overview
          Overview                                                               Business                        Wholesale
                                          Financials
                                  Financials           Consumer   Consumer                       Enterprise                     Global Services
                                                                                                                                           Global Services   Openreach
                                                                                                                                                                  Openreach                  Appendix
                                                                                                                                                                                              Appendix
         andand Strategy
             Strategy                                                        and Public Sector                  and Ventures

33         © BT Group plc, 2019
Appendix
BT – strong market position, uniquely positioned for sustained growth

                                  BT is a clear market leader                                                      BT has a portfolio of strong brands

         30m                                 1m+                    1,500         1
              B2C                                B2B                       MNCs
         relationships                      relationships

         Positioned across fixed, mobile and strategic partnerships                                                   Multi channel sales and service
              Fixed
                                       •       Superfast speeds: c.90% coverage
         infrastructure

             Mobile                    •       Award winning 4G network
         infrastructure                •       5G roll out in 2019                                   UK                         Over
                                                                                                                                               Digital   Partnership
                                                                                                     call                       600
                                                                                                                                                          channels
            Strategic                  •       Content, technology, device and                     centres                     stores
          partnerships                         service vendors

1 Multi-National   Corporations
           Overview                                                                                              Global
                                           Financials
                                             Group              Consumer              Enterprise
                                                                                      Enterprise             Global Services            Openreach
                                                                                                                                        Openreach        Appendix
                                                                                                                                                         Appendix
          and Strategy                                                                                          Services

35        © BT Group plc, 2019
Pension – reached agreement on June 2017 triennial

                                                                                                                                                                             IAS 19                                                 Actuarial
                                                   2017 recovery plan, £11.3bn deficit                                                                  Measure              Accounting measure                                     Actuarial measure
                         £m                               1    FY18 + FY20 cash payments total £2.1bn in line with prior agreement                      Frequency            Quarterly                                              Triennial
                         2,000                                                                                                                          Purpose              Regular updates                                        Sets cash deficit payments
                                                                             2      Funded from issuance of bonds to the Scheme
                         1,500                                                              3 13 year plan, maintains end-date.
                                                                                                                                                        Discount rate        Yield curve for AA corporate bonds                     Prudent expected return (BTPS assets)
                                                                                               £0.4bn of FY21 payment by 30 June 2020                   Longevity            Future expectations                                    Prudent overall approach
                         1,000           2,000
                                                                                                                                                        Inflation            Future expectations                                    Prudent overall approach
                             500                  1,250                                                                                                 Assets               Market value                                           Market value
                                   850                        900   900     907       907      907   907     907        907   907    907
                               0

                                                                                                                                                                        2017/18 BT Pension Scheme sensitivity analysis1
                                                                                                                                                                                                Increase in liabilities       Increase in deficit
                         0                                                                                                                                  £bn
                                                                                                                                                             12             10.6
                    -2
Pension valuation, £bn

                                                                                                                                                             10
                    -4                               -3.9                                                                                                     8
                                                                                                                                                              6                                                       4.9
                    -6
                                                                                                                                                              4                        2.9                                                                2.8
                                                                                          -7                                                                                                                                                                        2.1
                    -8                                                                                                                                        2                                                                  1.3
                              -9
                                                                                                                                                              0
           -10
                                                                                                                                                                     1.1 percentage point fall in         0.7 percentage point increase to          1.35 year increase to life
                                                                                                                -11.3                                                       discount rate                          inflation rate                         expectancy
           -12                                                                                                   -11.
                                                                                                                                                    1 the
                                                                                                                                                        scheme actuary has assessed the risk of these events as occurring no more than once in 20 years; the impact shown for each
                              Dec-08

                              Jun-09

                              Dec-09

                              Jun-10

                              Dec-10

                              Jun-11

                              Dec-11

                              Jun-12

                              Dec-12

                              Jun-13

                              Dec-13

                              Jun-14

                              Dec-14

                              Jun-15

                              Dec-15

                              Jun-16

                              Dec-16

                              Jun-17

                              Dec-17

                              Jun-18

                              Dec-18
                              Sep-09

                              Sep-10

                              Sep-11

                              Sep-12

                              Sep-13

                              Sep-14

                              Sep-15

                              Sep-16

                              Sep-17

                              Sep-18
                              Mar-09

                              Mar-10

                              Mar-11

                              Mar-12

                              Mar-13

                              Mar-14

                              Mar-15

                              Mar-16

                              Mar-17

                              Mar-18
                                                                                                                                                    scenario assumes this is the only change – in practice a combination of changes could arise
                                                                                                                                                    Source: BT Annual Report and Form 20-F 2018, p243
                                     IAS 19 (gross of tax)                  IAS 19 (net of tax)                 Actuarial (gross of tax)
                                    Overview
                                    Overview                           Financials
                                                                       Financials                          Consumer
                                                                                                           Consumer                        Enterprise
                                                                                                                                           Enterprise                         Global Services
                                                                                                                                                                              Global Services                               Openreach
                                                                                                                                                                                                                            Openreach                           Appendix
                                                                                                                                                                                                                                                                Appendix
                                   and Strategy
                                   and Strategy

                36                 © BT Group plc, 2019
Regulation – key regulatory market reviews

                                 BCMR Apr 13 to          BCMR Apr 16 to Mar 19                          Post CAT lacuna                           BCMR Apr 19 to Mar 21
     Business Connectivity
                                    Mar 16
                                                                    Appeal                                Post CAT Consultation
          (BCMR/LLCC)
                                                                                                                  Final statement                                                                     TBC: Unified Downstream wholesale
                                                                                                                                                                                                           access remedies, 5 years

                                              FAMR to Mar 17                              Lacuna                                        WLA Apr 18 to Mar 21
     Fibre, copper access
         (FAMR and WLA)
                                                                         Consultation                                                                  Consultation
                                                                               Final statement                                                                 Final statement

                                     NBMR Oct 13 to Sep 16                    Lacuna                                                NBMR Dec 17 to Mar 21
     Narrowband markets
        (WNBMR and NCC)                                        Consultation                                                                       Consultation
                                                                       Final statement                                                                        Final statement

                                     2015/16              2016/17                        2017/18                   2018/19                    2019/20                    2020/21                   2021/22              2022/23

                                                                                         2.3 & 3.4GHz            DCMS: FTIR                           700MHz & 3.6-
          UK Policy                                                                                                                                                              B’band
                                                                                           spectrum             Ofcom: future            Brexit      3.8GHz spectrum
         Framework                                                                                                                                                                USO
                                                                                            auction              bbd stg doc                             auction

            Overview
         Overview                                                                               Business                       Wholesale
                                        Financials
                                 Financials                Consumer Consumer                                    Enterprise                        Global Services
                                                                                                                                                              Global Services             Openreach
                                                                                                                                                                                                Openreach               Appendix
                                                                                                                                                                                                                          Appendix
        andand Strategy
            Strategy                                                                        and Public Sector                 and Ventures

37        © BT Group plc, 2019
Regulation – Openreach regulated returns declining towards allowed return on capital

                                    Trend of Openreach returns

                                                                                                        5

                                                                                                                           •   Price cuts on Ethernet (BCMR) services are starting to erode the
                                                                                                                                                1
                                                                                                                               Openreach ROCE

                                                                                                                                                                             2
                                                                                                                           •   Price cuts in WLA (especially GEA services) over the next three
                                                                                                                               years to accelerate this trend

                                                                                                                           •   Openreach returns in regulated markets to be much closer to the
                                                                                                                                            3
                                                                                                                               Ofcom “WACC ” by 2020/21

                                     Total impact on BT Group
                                                                                                                           •   Impact of regulation should reduce in the longer-term
                 Last 3 years                                                                  Next 3 years

              Regulatory price impact                                      Estimated regulatory price impact4
              > £500m                                                                                  ≥ £1bn
1 Return on Capital Employed
2 Generic Ethernet Access
3 Weighted Average Cost of Capital
4 assumes direct and indirect impact
5 extrapolating WACC used in Ofcom’s charge control models across all Openreach services

                Overview
             Overview                                                                             Business                      Wholesale
                                               Financials
                                        Financials                   Consumer Consumer                            Enterprise                  Global Services
                                                                                                                                                           Global Services   Openreach
                                                                                                                                                                                   Openreach   Appendix
                                                                                                                                                                                                 Appendix
            andand Strategy
                Strategy                                                                      and Public Sector                and Ventures

38           © BT Group plc, 2019
Network – increased capex to support network investment

                                                                                Capital expenditure year ended 31 March 2018
                                                       £m
                                                       4,000                                                                                                              c.3.7bn

                                                                                                                                                3,522
                                                       3,500                                                            3,454

                                                       3,000
                                                                                              2,622
                                                       2,500
                                                                       2,317

                                                       2,000

                                                       1,500

                                                       1,000

                                                             500

                                                              0
                                                                      2014/151               2015/16 1                 2016/17 1               2017/18 1              Next
                                                                                                                                                                      Next 32 years
                                                                                                                                                                              years
                                                                                                                                                                                    2

                                                                   Capacity/Network           Customer Driven              Systems/IT          Non-network Infrastructure
1   gross BDUK grant funding deferral (claw-back) included in capacity/network: 2014/15: £29m; 2015/16:£229m; 2016/17: £188m; 2017/18: £122m
2   excluding BDUK claw-back
               Overview
            Overview                                                                               Business                      Wholesale
                                                Financials
                                         Financials                   Consumer Consumer                            Enterprise                     Global Services
                                                                                                                                                              Global Services           Openreach
                                                                                                                                                                                              Openreach   Appendix
                                                                                                                                                                                                            Appendix
           andand Strategy
               Strategy                                                                        and Public Sector                and Ventures

39           © BT Group plc, 2019
TV – Partnerships will broaden choice for our TV customers

                                                                                            Super aggregator TV strategy for 2019:
                     Embracing content trends and partnership opportunities, to offer an unrivalled choice of content across the pay-TV providers

     All the must-have content

     SVoD providers:                                                                                                                                                                 Primary central set-top-box experience
                                                                                                                                                                                      Multi-screen, multi-platform access

                                                                                                                                                   Home-centric

                                                                        1
     All premium Sky content:
                                                                                                                                                                                                 OTT and digital first
                                                                                                                                                                                       Fully flexible mobile & app centric

                                                                                                                                                   Mobile-centric
     Pay channels:

1 aiming to   launch BT and Sky content sharing arrangement before start of 2019/20 premiership football season

             Overview
          Overview                                                                                     Business                      Wholesale
                                                  Financials
                                           Financials                   Consumer Consumer                              Enterprise                      Global Services
                                                                                                                                                                   Global Services   Openreach
                                                                                                                                                                                           Openreach             Appendix
                                                                                                                                                                                                                   Appendix
         andand Strategy
             Strategy                                                                              and Public Sector                and Ventures

40            © BT Group plc, 2019
Network – all-IP/fibre delivers performance, efficiency and service

                   Current network                                Future state

            11 primary access products                     3 primary access products

      5,600 exchanges incl. 1,100 Fibre               Retirement of exchanges: 1,100 fibre
             points of handover                               points of handover

     Engineering intervention for 90% of              Near zero touch network, managed by
          customer moves/changes                                    software

                              1
      Complex PSTN & LLU environment                          Simplified all-IP/fibre

1 Local   Loop Unbundled
               Overview
               Overview                  Financials
                                         Financials                Consumer
                                                                   Consumer                  Enterprise
                                                                                             Enterprise   Global Services
                                                                                                          Global Services   Openreach
                                                                                                                            Openreach   Appendix
                                                                                                                                        Appendix
              and Strategy
              and Strategy

41           © BT Group plc, 2019
BT is stepping up its societal leadership
                                   We use the power of communications to make a better world

                  1                                                        2                                                     3
     Building better digital lives                               Championing human                                   Tackling climate change
                                                                   and digital rights
 •    Building a programme to inspire and equip our   •   Our approach is informed by the UN Guiding            •   Sector-leading approach on climate. Ranked
      customers and communities to upgrade their          Principles on Business and Human Rights.                  eighth most sustainable company in the world
      digital skills and capabilities                 •   We protect our customers from online threats.             (Newsweek Green Rankings).
 •    Reached 2m children through our Barefoot            We’re co-founders of ‘Internet Matters’ which         •   Target to become net zero carbon emissions
      primary schools programme, as part of our           helps keep children safe online.                          business by 2045.
      long term commitment to children’s digital      •   Leading the fight on modern slavery and a             •   Now at 96% renewable electricity worldwide
      skills                                              founding partner of the UK Modern Slavery                 and have a target to reach 100% by 2020.
 •    Be a leader within a bigger UK digital skills       Helpline and Tech Against Trafficking
      movement to improve productivity

                                                           Supported by strong foundations:
                  Behaving ethically                             Developing diverse talent                          Keeping our people safe & healthy
         Overview
         Overview              Financials
                               Financials             Consumer
                                                      Consumer               Enterprise
                                                                             Enterprise           Global Services
                                                                                                  Global Services              Openreach
                                                                                                                               Openreach              Appendix
                                                                                                                                                      Appendix
        and Strategy
        and Strategy

42     © BT Group plc, 2019
Investor Relations – contact details

    tel: +44 (0) 20 7356 4909                                                                                              BTGroup
    email: ir@bt.com                                                                                              LSE: BT.A
    web: www.bt.com/ir                                                                                            NYSE: BT
Certain statements in this trading update 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 include, without
limitation, those concerning: our outlook for 2018/19 including revenue, EBITDA and free cash flow; our roll out of FTTP; and launch of 5G.

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 whether as a result of the uncertainties arising from the UK’s exit from the EU or otherwise; future regulatory and legal actions, decisions, consultations licence fees and market reviews, outcomes of appeal and
conditions or requirements in BT’s operating areas, including the outcome of Ofcom’s Business Connectivity Market Review (BCMR), Physical Infrastructure Market Review (PIMR), spectrum auctions, broadband USO
and other consultations; as well as competition from others; selection by BT and its customer facing units of the appropriate trading and marketing models for its products and services; fluctuations in foreign currency
exchange rates and interest rates; technological innovations, including the cost of developing new products, networks and solutions and the need to increase expenditures for improving the quality of service; prolonged
adverse weather conditions resulting in a material increase in overtime, staff or other costs, or impact on customer service; developments in the convergence of technologies; external threats to cyber security, data or
resilience; political and geo-political risks; the anticipated benefits and advantages of new technologies, products and services not being realised; the timing of entry and profitability of BT in certain markets; significant
changes in market shares for BT and its principal products and services; the underlying assumptions and estimates made in respect of major customer contracts proving unreliable; disruption to our technology supply
chain; the anticipated benefits and synergies of the transformation of our operating model, integration, restructuring and cost transformation not being delivered; the outcome of BT’s broader review of financial
processes, systems and controls across the Group; and general financial market conditions affecting BT’s performance and ability to raise finance. BT undertakes no obligation to update any forward-looking statements
whether as a result of new information, future events or otherwise.

.            Overview
            Overview                         Financials                     Consumer                        Enterprise                    Global Services
                                                                                                                                                 Services                   Openreach                        Appendix
           andStrategy
               Strategy                     Financials                      Consumer                        Enterprise                    Global                            Openreach                        Appendix
          and

43       © BT Group plc, 2019
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