Re: Japan Telecom Forecasts

Vodafone Group PLC
27 February 2002


27 February 2002



VODAFONE STATEMENT REGARDING JAPAN TELECOM FORECASTS



Vodafone Group Plc ('Vodafone') announces that the revised financial forecasts
published today by its subsidiary JAPAN TELECOM Co., Ltd. ('Japan Telecom'), for
the year ending 31 March 2002, will have no material impact on the results of
Vodafone.



The revised forecasts for Japan Telecom reflect an expected improvement in group
revenue and operating profit, principally through better than expected
performance in J-Phone Co., Ltd. offset by exceptional costs which comprise
write downs in the carrying value of certain Japan Telecom investments and costs
incurred in refinancing the Japan Telecom group's debt.



As Japan Telecom was acquired by the Vodafone Group in the current financial
year, these exceptional items will be reflected in the acquired net assets of
the Japan Telecom group and therefore will not impact the operating results of
Vodafone.



                                    - ends -



For further information:
Vodafone Group Plc
Tim Brown, Group Corporate Affairs Director
Melissa Stimpson, Head of Group Investor Relations
Bobby Leach, Head of Group Financial Media Relations
Jon Earl, Senior Investor Relations Manager
Darren Jones, Senior Investor Relations Manager
Tel:  [phone]



Tavistock Communications
Lulu Bridges / John West
Tel:  [phone]




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