What is an ADR?

An American Depositary Receipt (ADR) is a negotiable instrument that represents ownership in securities of a non-US company; it is a mechanism that facilitates US trading of non-US securities. ADRs are created when a broker purchases the non-US company's shares on the home stock market and delivers those to the Depositary's local custodian bank, which then instructs the Depositary bank to issue Depositary Receipts, i.e. ADRs. In addition, Depositary Receipts may also be purchased in the US secondary trading market, on an exchange or in the over-the-counter market.

What are ADSs?

An American Depositary Share (ADS) is a share, evidenced by an ADR, that represents a specified number of underlying shares held in custody in the issuer's home market. The terms ADR and ADS are often used interchangeably. Vodafone ADSs, each representing 10 Ordinary Shares, are traded on the NASDAQ Stock Market under the VOD symbol.

ADS holders are not members of the Company, but may instruct Deutsche Bank on the exercise of voting rights relative to the number of Ordinary Shares represented by their ADRs.

Who is the Depositary for Vodafone's ADRs?

The Depositary Bank for Vodafone's ADR program is Deutsche Bank which uses AST as its transfer agent and is contactable as follows:


Operations Center

6201 15th Avenue


NY 11219



Calling from inside the US: 800 233 5601 (toll-free)

Calling from outside the US: +1 201 806 4103



ADR holders should address any queries or instructions regarding their holdings to AST at the above address or telephone number. ADR holders can also register to view their account balance and history and perform transactions online at www.adr.db.com.