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Completion of sale of Vodafone Japan


Proposed GBP 6 billion return of cash

Further to its announcement on 17 March 2006, Vodafone has completed today the sale of its 97.68% interest in Vodafone Japan to a wholly-owned subsidiary of SoftBank Corporation. The sale values Vodafone Japan at an Enterprise Value of approximately JPY 1.8 trillion (GBP 8.9 billion).

Vodafone will make a special distribution of approximately GBP 6 billion, equivalent to around 10 pence per share, to shareholders shortly after its AGM to be held on 25 July 2006. Details of the precise method of distribution will be released with the preliminary results in May.

Arun Sarin, Chief Executive of Vodafone, commented:
“I am pleased to announce the completion of the sale of Vodafone Japan to SoftBank. This transaction enhances Vodafone’s adjusted earnings per share and facilitates the return of approximately GBP 6 billion to our shareholders. We maintain a strong relationship with SoftBank and we look forward to continuing to benefit from insights in the important Japanese mobile market.”

Notes to Editors
Adjusted earnings per share represent earnings per share under IFRS before the results of discontinued operations and items not reflecting underlying business performance.

For illustrative purposes an exchange rate of JPY 205:GBP 1 has been used.


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