TalkTalk Telecom : Annual Report 2018

Chairman's introduction:

The last twelve months have brought a great deal of change for TalkTalk
as we have focused on the process of resetting and refocusing the
business. If I think back to the end of 2016, it had become increasingly
clear to me that change was needed. TalkTalk had become too
complicated as an organisation, with wide-ranging ambitions. As a
consequence we had strayed from our prime mission of providing
reliable and cost-effective connectivity to our customers.

There are two lessons I have learnt in business. If your instinct tells
you to change something, then get on and change it. In hindsight
I hesitated too long. Secondly, when you come to make those changes
and start to delve into it, things will prove to be more difficult than
you imagined. This I also found to be the case.

We have worked hard since that time to radically simplify the business,
reduce costs and focus on what matters to our customers and
shareholders. We have made enormous progress and I would like
to thank everyone in TalkTalk for their dedication and commitment
in driving forward our reset. I am confident that by the end of the
financial year, we will be the business we believe we should be.
The telecoms market has always been competitive, with demanding
customers who not only seek reliability and value for money, but
year on year consume ever increasing amounts of data. It requires
agility and focus to keep up with their needs and I truly believe we
are now building a TalkTalk which has this capability.

To our customers, employees and shareholders, thank you for your
support and forbearance. I apologise for the bump in the road of last
year and take full responsibility for it. All I can promise is that I am
fully engaged, working with a great team and determined to help this
organisation reach its full potential.

Notice of Annual General Meeting

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