Presentation to Investors

Vodafone Group PLC
7 March 2001


Vodafone Group Plc



7 March 2001



                 Presentation to the Investment Community on

                        'Delivering and Adding Value'



O      Update on the development of non-voice services.

O      Progress made over the last year.

O      Future developments.



In January 2000, Vodafone Group Plc (Vodafone) presented its vision for the
development of mobile data services.  On the eve of the launch of GPRS
services, Vodafone is today providing an update of the further development of
new non-voice services, outlining the progress that has been made over the
last year and the developments that should be seen in the year ahead and
beyond.



For the last three years, Vodafone has pursued a three pronged growth strategy
to maximise its competitive position and enhance shareholder value:



O      Accelerated customer growth

O      The Group has achieved a compound organic growth rate in its customer
base of over 50% per annum over the last four years.

O      Vodafone's world-wide proportionate customer base has increased from 4
million 4 years ago to almost 80 million at the end of 2000.

O      25% of mobile phone users world-wide are connected to networks in which
Vodafone has a shareholding.



O      Geographic expansion

O      Vodafone has increased its worldwide presence to nearly 30 countries
from just 10 countries four years ago.



O      Provision of new services

Over the last 18 months, the first data service - short messaging - has made a
breakthrough into wide spread adoption and is now having a positive impact on
average revenue per user (ARPU).



O      In December 2000, over 47% of Vodafone's European customers were active
SMS users.

O      In December 2000, data contributed approximately 9% of revenues in
Europe and 121/2% in Japan.

O      SMS is only now being introduced in the US.

O      In Germany, over 33% of text messaging is driven by information
services delivery.

O      Vodafone has 37 million messaging and data customers worldwide, each
spending, on average, 7 Euros per month on non-voice services (double the
level 12 months ago).

O        The number of active messaging and data customers is increasing by 5%
each month.



Vodafone's strategy for growth remains unchanged.  As penetration rates
increase around the world, new products and services will become increasingly
important.



Maximising the benefits of a global footprint



Vodafone's vision is that fixed will be largely substituted by mobile for
voice, narrow-band data and many other applications.  The aim is to leverage
the benefits of its global footprint realising the potential of Vodafone as a
single worldwide Group, rather than a collection of separate operating
entities.  In order to achieve this goal, Vodafone is focussing on a number of
key issues:



O      A global brand - Vodafone has introduced its brand into the existing
brands of its controlled networks, retaining the inherent value of the
existing brand in each country.  During 2002, a single Vodafone brand will be
introduced to these networks, facilitating customer recognition of the
Vodafone network wherever they are.  Vodafone's objective is to position
Vodafone as one of the most valuable global brands by 2004.



O      Standardised customer relation management (CRM) - Vodafone is
developing a group-wide standard in CRM to ensure a deep knowledge of its
customer base and their preferences in order to facilitate the efficient sale
of its new range of services and products, unlocking the full potential of its
customer base.



O      A truly seamless global offering - Vodafone is building platforms which
harmonise existing and future network systems, which will enhance its ability
to introduce products with a focus on both speed to market and the ability to
deliver them seamlessly across the Group's networks.



O      Increased purchasing power - Vodafone now purchases via a single
specification which will enhance its ability to manage inventory and reduce
costs.  Vodafone is confident of achieving its target cashflow synergies,
after tax, of £500 million by 2003 and £600 million by 2004.



Global Platform and Internet Services



In January 2000, Vodafone announced its intention to establish a global
internet services platform which would allow access from mobile and other
types of devices such as PCs and palmtops across all the Vodafone operating
companies.  This global platform architecture facilitates the seamless
delivery of mobile services across national borders.



Version 1.0 of the global platform was launched in Australia in April 2000 and
version 2.0 was launched in New Zealand in December 2000.  In July 2001,
Version 2.5 will be launched with additional new features such as unified
messaging and m-commerce applications.



Version 3.0, which will be launched in the fourth quarter of this year will
include:



O      Mobile - Personal Information Management (PIM) synchronisation.

O      Voice navigation.

O      Enhanced m-commerce applications.

O      Fully integrated shopping and location-based services.



New Technologies



The introduction of GPRS technology this year will enhance Vodafone's
capability to provide value added services to, initially, its corporate
customer base and later to the mass market.  GPRS has a number of significant
advantages:



O      Data speeds that match those of today's fixed desktop access.

O      Vast reductions in call set up times.

O      'Always on' - with customers being able to connect to their favourite
applications with no waiting for dial up.



Vodafone has GPRS systems already in operation in Germany, New Zealand,
Sweden, Portugal and Austria.  By the second quarter this year, a commercial
service will be in operation in all Vodafone's other controlled subsidiaries.
Airtel in Spain is due to launch its 3G network in the third quarter of this
year with other markets expected to follow in 2002.



The introduction of 3G technology is not solely about faster data rates.  The
additional spectrum afforded to 3G will enable Vodafone to handle the
continuing growth in customers and dramatic increases in usage per subscriber
in both voice and data.  This additional spectrum will be crucial if the
take-up of data services worldwide if it is to match that in Japan.



Vodafone's experience in Japan is that the next generation of services will
only become successful if the new generation of mobile devices are attractive
to the user.  Vodafone is working very closely with handset manufacturers
including Nokia, Siemens, Ericsson, Motorola and new partners such as
Panasonic, Mitsubishi and Casio who will add their experience of the Japanese
device market to ensure that the next generation of devices appeal to the
consumer.



Vodafone has early volumes of GPRS handsets available now, but not in
sufficient variety to launch commercial service yet.  By April, Vodafone will
have commercial deliveries of handsets in a variety of forms:  Phones, PDAs
and PC cards from Motorola, Samsung, Sagem and Trium.  These devices will
offer a number of GPRS channels, ranging from 2 to 4, and offering faster data
rates of up to 48 kbps.



From June to September, additional product launches will be seen from
Ericsson, Siemens, Sagem, Samsung and Panasonic, extending the range of
devices available to over 30.   Vodafone's experience in Japan has prompted it
to seek further functionality such as colour displays.



In addition, traditional PC manufacturers such as Dell will include GPRS
modems in their near-term product releases and offer PC card versions which
will open up the installed laptop base.



New products and services



Vodafone's strong knowledge of its customers worldwide, enhanced by its group
CRM technology, will mean that it is in a unique position to deliver content
and applications which are fully personalised.



Vodafone has started to introduce products that will drive the usage of voice
and data services.  EuroCall - the standard rate roaming service was
introduced in January and already has more than 1.5 million users.  Vodafone
has launched a service, available in 7 countries, which allows customers to
use the same shortcode dialling when they are away from their home network, to
access key services such as retrieving their voicemail messages.  In addition,
Vodafone aims to launch assisted and pre-paid roaming in the second quarter of
this year, allowing its 52 million pre-paid customers to take advantage of
using their mobile phones overseas for the first time.



Vodafone's strategy is targeted at both the consumer and the corporate
customer and over the coming year, as the global platform develops, Vodafone
will be introducing new services for them:



O      Unified messaging - Utilising Vizzavi e-mail addresses, Vodafone will
enable its customers to access voice mail and e-mail in a consistent way
wherever they are in the world.  This service is due to be launched in the
third quarter this year.

O      Instant messaging - should be available in the third quarter of this
year.

O      Personal Information Management - Vodafone will create a personalised
environment which exists for each customer within the mobile network rather
than in the device itself.  Emphasising the 'always on' capabilities of GPRS,
it will provide customers access to a standard set of information, presented
with a common look and feel, which is consistent across a full range of mobile
devices and also to the desk top PC.

O      E-wallet and location based services - Are due to be introduced in the
fourth quarter of this year, with micropayments to be introduced in early
2002.



Corporate



Corporate and business customers, in particular, will value the cross-border
seamless services that Vodafone's platforms will enable.  Vodafone will build
standardised business portal frameworks that will allow customers to interlink
their applications like Microsoft Office and Lotus Notes into these
frameworks.



Vodafone has already established a joint venture with Cap Gemini Ernst &
Young, called Terenci.  Terenci offers end-to-end business solutions, which
integrate mobile, Internet and IT for pan-European businesses, concentrating
on a number of vertical segments of the market such as transport, retail and
construction, where remote access is key.



Additionally, Vodafone is also developing new applications that extend from
secure data retrieval and mobile office to internationally-enabled data
Virtual Private Networks (VPN) and mobile credit card approval.  Vodafone has
pilot installations underway with HSBC, Unilever, KPMG and Barclays in the UK
and Datev, Henkel and Siemens in Germany and many more in other European
countries.



Consumer - Vizzavi



Vodafone established Vizzavi Europe in July 2000 in a joint venture with
Vivendi Universal, Europe's leading media company.  Vizzavi Europe is a
multi-access portal which is an integral part of Vodafone's B2C offering.  In
the future, customers will be able to access any content site via their mobile
phone, PDA and digital TV.  Vizzavi's focus is on creating differentiation in
mobile services, leveraging off the Vodafone mobile operators as well as
content from its other parent, Vivendi Universal.



Vizzavi is a powerful tool for retention of Vodafone's customer base as well
as a powerful revenue generator in its own right.  Vizzavi will generate value
from:



O      Additional network traffic through portal usage.

O      Reduced churn, by increasing the 'stickiness' of the applications and
services available.

O      Incremental revenue generation from:

o       Traditional portal revenue from advertising and transactional
e-commerce.

o       Content which in the future may come as a bundled subscription or
premium priced service.



Since its inception, Vizzavi has established mobile and PC portals in the UK,
France and Netherlands.  More recently, Vizzavi Germany was formed and Vizzavi
expects to add at least another 4 European countries, including Vizzavi Italy,
by the end of the second quarter.



In December, Vizzavi UK was migrated onto the new platform which will
ultimately be rolled out across the countries.  Vizzavi is currently recording
approximately 4,000 registrations per day in the UK, France and the
Netherlands, and has over half a million registered customers in these
markets.  In the UK, daily page views on the WAP service have been in the
100,000 to 200,000 range.



Vizzavi Europe aims to have more than 2 million registered customers by the
end of the second quarter 2001.



Vizzavi is forecasting that revenue will be generated from advertising and SMS
services this year, and expects to see revenues coming through from e-commerce
and other sources next year.  With planned investment of 1.6 billion Euros by
the end of 2002, Vizzavi expects to achieve monthly EBITDA breakeven by the
end of 2003.



Future Revenues



The new service environment that Vodafone will start to deliver this year is
built upon the solid foundation of its global footprint and leverages its
worldwide customer base.  It is designed to grow from Vodafone's core
strengths and will complement and stimulate voice revenue.



GPRS provides the key change to an 'always on' service environment.  It will
be the platform for delivering a wide range of new services prior to the
introduction of greater capacity, spectrum efficiency and faster data rates
which will be made available by 3G technology.



Voice will continue to be the dominant mobile application and is the reason
why global customers will exceed 1 billion in 2002.  The future is based upon
the integration of voice and data and there is already evidence that data
stimulates further voice usage.  The ARPU of the 37 million customers who use
messaging and data services as well as voice is up to twice that of the
voice-only customers.  Vodafone expects voice to continue to contribute
between 75% and 80% of revenues in 2004.



Messaging has already emerged as a major application.  Messaging will evolve
from today's simple person-to-person messaging into more sophisticated:



O      Unified messaging

O      Instant messaging

O      Picture messaging

O      E-mail applications

O      Chat



Vodafone estimates that messaging applications will contribute between 8% and
13 % of total revenues in 2004, reflecting lower tariffs but higher adoption
rates than today.  SMS is only now being introduced in the US.

Information and entertainment are major future service categories.  In J-Phone
in Japan over a third of its customer base have become users of mobile
entertainment and information applications in less than 18 months.  These
applications include games, news, finance, music, travel, ring-tones and
subscription content.  Vodafone estimates that revenues from these
applications should contribute around 5% to 10% of revenues in 2004.



M-commerce will emerge as an important application based on the convenience
that it offers the user.  Initially this will be based on an m-wallet - an
electronic environment to contain established credit and debit payment
methods.  It will evolve into a micro-payments mechanism, which can be an
alternative to cash, using the mobile account to pay for goods or services
below the level suited to current credit and debit card payment mechanisms.
This will be a high volume, low value service akin to the transaction charges
of credit cards today of between 2% and 3% and will contribute at that revenue
level to the model by 2004.



Business Services are about creating the truly mobile office, by linking into
intranet and e-commerce systems.  They will be augmented by specialist devices
designed to replicate office applications on the move - any time, anywhere.
This is a huge untapped opportunity in all markets and Vodafone estimates that
this area should be at least as big as messaging by 2004.



Machine to machine communication is very hard to forecast and is likely to be
low-revenue, but low-churn activities as the services will be embedded in
wider systems and implementation.  Vodafone estimates that this could generate
up to 3% of revenues in 2004.



Location based services will be attractive and chargeable in their own right,
with a potential revenue contribution of up to 5% in 2004.



Enhancing messaging services over the next few years will enable Europe to
follow the Japanese experience and reach 70% penetration of messaging.  Even
if Vodafone assumes no further increase in ARPU from current European levels
(a conservative assumption when compared to experience in Japan), then
messaging could account for 13% of revenues.  If Europe follows the Japanese
data trend and produces equivalent to another 6% of revenues then, the
forecast made in January 2000 of messaging and data contributing 20-25% of
revenues by 2004 is achievable without any significant take up of business,
m-commerce or location-based services.  Any revenues from content aggregation,
media, entertainment, advertising and pure content revenues will be additional
to the revenue that the Group uses for its mobile operations.



Vodafone will be investing in and deploying core enabling software for all of
those services listed above.  Vodafone will also invest in its customers in
the form of equipment subsidies as retention and migration of quality
customers becomes more important than new customer acquisition.  The cost of
retaining a customer will depend on the inherent value of the individual
customer and the handset replacement cycle and will typically be between a
half and two thirds of the cost of acquiring a new high value customer i.e.
between £60 and £80.



Summary



Vodafone has a unique opportunity to grow and enhance its worldwide leadership
position.  This will be achieved by capitalising on its considerable
strengths:



O      Unrivalled global presence and continued geographic expansion.

O      A sharply focused organisation with a quality management team.

O      Continued customer growth.

O      Strong usage growth as mobile services substitute for fixed, as well as
from the new wireless data, messaging, content, entertainment and transaction
services.

O      A solid balance sheet and strong funding position.



                                   - ends -



For further information:



Tim Brown, Director of Group Corporate Affairs

Melissa Stimpson, Head of Group Investor Relations

Jon Earl, Investor Relations Manager

Tel:  [phone]



Lulu Bridges / Sarah Landgrebe

Tavistock Communications

Tel:  [phone]



This press release contains certain 'forward-looking statements' with respect
to the financial condition, results of operations and business and some of our
plans and objectives with respect to these items.  In particular, certain
statements concerning our expectations and plans, strategy, management's
objectives, prospects, trends in market shares, market standing, overall
market trends, and revenues, contain forward-looking information.  In
addition, 'forward-looking statements' also include statements made with
respect to expectations as to launch and roll-out dates for products and
services, future performance, costs, revenues, expected synergies, future
average revenue per customer and future revenues derived from the new
non-voice services which we are currently developing, expected EBITDA results,
growth, wireless penetration rates and growth in internet use and other trend
projections.  Forward-looking statements are sometimes, but not always,
identified by their use of a date in the future or such words as 'anticipates
', 'aims', 'due', 'could', 'may', 'should', 'expects', 'believes', 'intends',
'plans', 'targets', 'goal' or 'estimates'.  By their nature, forward-looking
statements are inherently predictive, speculative and involve risk and
uncertainty because they relate to events and depend on circumstances that
will occur in the future.  There are a number of factors that could cause
actual results and developments to differ materially from those expressed or
implied by these forward-looking statements.  These factors include, but are
not limited to, the following, changes in economic conditions in markets
served by our operations that would adversely affect the level of demand for
wireless services, greater than anticipated competitive activity requiring
reduced pricing and/or new product offerings or resulting in higher costs of
acquiring new customers or slower customer growth, greater than expected
growth in customers and usage and greater than anticipated costs associated
with 3G license auctions, requiring increased investment in network capacity,
failure to be awarded 3G licenses in our main markets, the impact on capital
spending from the deployment of new technologies, or the rapid obsolescence of
existing technology, the possibility that technologies, including wireless
internet platforms, will not perform according to expectations or that
vendors' performance will not meet our requirements, changes in the projected
growth rates of the mobile telecommunications industry, changes in our
projected revenue model or global branding strategy, lower than anticipated
future penetration rates and average revenue per user rates, future revenue
contributions of the services we offer as a percentage of total revenue, lower
than expected impact of GPRS and Vizzazi Europe's partnership with our
operators on our future revenues, our ability to harmonize our mobile
platforms, including our Global Internet Platform, any delays or impediments
in the roll-out of 3G technology and services, multi-mode handsets, color
displays, and Vizzazi services in new markets, our ability to offer new
services, such as 3G, traffic telematic services for the automotive industry,
pre-paid roaming ability, assisted roam, SIM swap, E-wallet and micropayment
services, chat, instant messaging and unified messaging, streaming audio and
video and linkage to Bluetooth technology, or with the delivery of GPRS
handsets and other key products from our suppliers, failure of leading PC
makers to include GPRS modems or any delays in their inclusion, greater than
anticipated prices of new mobile handsets and changes in exchange rates,
including in particular the exchange rate of the pound to the euro.
Furthermore, a review of the reasons why actual results and developments may
differ materially from the expectations disclosed or implied within
forward-looking statements can be found in the description of our business and
our management's discussion and analysis of financial condition and results of
operations contained on pages 7 to 34 and 44 to 53 of our U.S. Annual Report
on Form 20-F for the year ended March 31, 2000.  All subsequent written or
oral forward-looking statements attributable to Vodafone, any Vodafone members
or persons acting on our behalf are expressly qualified in their entirety by
the factors referred to above.  Vodafone does not intend to update these
forward-looking statements.





Appendix 1



Vodafone Group

Mobile Networks


Region                  Operator                                Ownership
Northern Europe, Middle East and Africa
Belgium                 Proximus                                25.0%
France                  SFR                                     32.0%
Ireland*                Eircell                                 100%
Netherlands             Libertel Vodafone                       70.0%
Sweden                  Europolitan Vodafone                    71.1%
UK                      Vodafone                                100%
Egypt                   Click GSM Vodafone                      60.0%
Kenya                   Safaricom                               40.0%
South Africa            Vodacom                                 31.5%

Central Europe
Austria                 tele.ring                               53.8%
Germany                 D2 Vodafone                             99.1%
Hungary                 Vodafone Hungary                        50.1%
Poland                  Plus GSM                                19.6%
Switzerland*            Swisscom                                25.0%

Southern Europe
Albania                 Vodafone                                TBA
Greece                  Panafon Vodafone                        55.0%
Italy                   Omnitel Vodafone                        76.0%
Malta                   Vodafone Malta                          80.0%
Portugal                Telecel Vodafone                        50.9%
Romania                 Connex GSM                              20.1%
Spain                   Airtel                                  73.8%

AMERICAS AND ASIA
Mexico*                 Iusacell                                34.5%
USA                     Verizon Wireless                        45.0%
China                   China Mobile (Hong Kong)                2.2%
Japan                   J-Phone                                 23-27%
South Korea             Shinsegi                                11.7%
India                   RPG Cellular                            20.6%

PACIFIC
Australia               Vodafone                                91.0%
Fiji                    Vodafone                                49.0%
New Zealand             Vodafone                                100%



* Acquisitions awaiting completion.