Result of Tender Offer

Vodafone Group PLC
12 October 2001


12 October 2001



        VODAFONE TENDER OFFER FOR JAPAN TELECOM SHARES OVERSUBSCRIBED



On 20 September 2001 Vodafone Group Plc ('Vodafone') announced that its
wholly-owned subsidiary Vodafone International Holdings B.V. ('VIHBV') would
launch an agreed tender offer for up to 693,368 ordinary shares of JAPAN
TELECOM Co., Ltd. ('JAPAN TELECOM'), representing 21.7% of the outstanding
ordinary shares of JAPAN TELECOM (the 'Offer'). The Offer, made pursuant to a
tender offer registration statement filed on 21 September 2001, commenced on
that date and closed for acceptances in Japan on Thursday 11 October 2001.



VIHBV has been informed by its tender offer agents, The Nomura Securities Co.,
Ltd. and UBS Warburg (Japan) Ltd., that at the close of the Offer, on 11
October 2001, 1,131,729 ordinary shares, representing approximately 35.4% of
the outstanding ordinary shares of JAPAN TELECOM, or 163.2% of the ordinary
shares sought in the Offer, have been tendered.



Accordingly, valid acceptances exceed the maximum number of shares sought in
the Offer, and tendering shareholders will be scaled back pro-rata by
approximately 38.7%, as more fully set out in the tender offer registration
statement. Settlement is expected on Friday 26 October 2001.



Following the acquisition by VIHBV of 21.7% of JAPAN TELECOM's outstanding
shares, the holding of Vodafone and its subsidiaries (the 'Vodafone Group') in
JAPAN TELECOM will increase to a controlling level of 66.7%. Furthermore, the
Vodafone Group's economic interest in JAPAN TELECOM's wireless business (the '
J-Phone Group') will rise to 69.7%.



Sir Christopher Gent, Chief Executive of Vodafone, said, 'We are very pleased
that investors in JAPAN TELECOM welcome and support Vodafone's increased role
in the company. We look forward to working closely with our colleagues at
JAPAN TELECOM and J-Phone to build these businesses, and are delighted to have
the backing and cooperation of Chairman Sakata and President Murakami and the
management team at JAPAN TELECOM for our plans.'



Vodafone and VIHBV were advised by UBS Warburg.



For further information contact:



Vodafone Group Plc

Tim Brown, Group Corporate Affairs Director

Melissa Stimpson, Head of Group Investor Relations

Darren Jones, Senior Investor Relations Manager

Jon Earl, Investor Relations Manager

Tel: [phone]



Tavistock Communications

Lulu Bridges/John West

Tel: [phone]



UBS Warburg

Warren Finegold  (London)

Charles Butterworth

Tel: [phone]

Steven Thomas  (Tokyo)

Tel: [phone]



This press release does not constitute, or form part of, any offer or
invitation to sell, or any solicitation of any offer to purchase any
securities in any jurisdiction, nor shall it (or any part of it) or the fact
of its distribution form the basis of or be relied on in connection with, any
contract therefor.



The release, publication or distribution of this press release in certain
jurisdictions may be restricted by law and therefore persons in such
jurisdictions into which this press release is released, published or
distributed should inform themselves about and observe such restrictions.
Receipt of this press release will not constitute an offer in those
jurisdictions in which it would be illegal to make the Offer and in such
circumstances it will be deemed to have been sent for information purposes
only.



This press release has been issued by, and is the sole responsibility of,
Vodafone Group Plc and Vodafone International Holdings B.V. and has been
approved solely for the purposes of Section 57 of the Financial Services Act
1986 by UBS Warburg Ltd., a subsidiary of UBS AG, which is regulated in the
United Kingdom by The Securities and Futures Authority Limited and is acting
for Vodafone Group Plc and Vodafone International Holdings B.V. and no one
else in relation to the Offer.  UBS Warburg Ltd. will not be responsible to
anyone other than Vodafone Group Plc and Vodafone International Holdings B.V.
for providing the protections afforded to customers of UBS Warburg Ltd. or for
giving advice in relation to the Offer or any matters referred to in this
press release.