Treasury Stock

Vodafone Group Plc
04 July 2005

                               VODAFONE GROUP PLC

                              EXERCISE OF OPTIONS



Vodafone Group Plc ('Vodafone') announces that on 1 July 2005 59,029,938 options
were exercised by participants in its employee share schemes.


Vodafone intends to transfer the relevant number of ordinary shares of U.S.$0.10
each, which were previously held as treasury shares, to satisfy the exercise of
such options.


This announcement does not constitute, or form part of, an offer or any
solicitation of an offer for securities in any jurisdiction.



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