BT sells interest in Japan

British Telecommunications PLC 1 June 2001 BT ANNOUNCES CLOSURE OF SALE OF ITS INTERESTS IN JAPAN TELECOM BT today announced the closure of the sale of its interests in Japan Telecom to Vodafone. The first closing for £3.07 billion took place when BT received the funds from Vodafone today. The second closing for the balance of approximately £650 million will follow once BT exercises its recently announced call option over 4.9 per cent direct stakes in each of the three J-Phone regional operating companies. This is likely to be in about a month. The total closure figures will mean a return of more than three times BT's original investment in Japan. The proceeds will be used to reduce BT's debt. ------- Inquiries about this news release should be made to the BT Group Newsroom on its 24-hour number: 020 7356 5369. From outside the UK, dial +44 20 7356 5369. All BT group news releases can be accessed at our web site: http://www.groupbt.com/mediacentre

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