British Telecommunications in $1.2 Billion Offering

December 12, 2007

Cleary Gottlieb served as underwriters’ counsel for the new shelf registration statement filed by British Telecommunications plc and in the first offering under the shelf: the December 12, 2007 offering of $600 million 5.15% Senior Notes due 2013 and $600 million 5.95% Senior Notes due 2018, with Barclays Capital, Citi, Deutsche Bank Securities and RBS Greenwich Capital as Joint Lead Managers. The shelf registration is a WKSI automatic shelf registration.

BT operates mainly within the UK, where it is the largest telecommunications services provider to the residential and business markets, supplying a wide range of communications products and services, including voice, data, Internet and multimedia services, and offering a comprehensive range of managed and packaged communications solutions. Cleary Gottlieb served as counsel to the underwriters in the second and third stages of BT’s privatization in 1991 and 1993, and was designated underwriters’ counsel for BT’s December 2000 shelf registration.