Pursuant to a resolution of the shareholders of the Company at its Annual General Meeting held on 21 July 1999, the Company's board of directors approved a resolution on 14 September 1999 to implement a 4 for 1 capitalisation issue payable in the form of four shares for every one share held at 9.30p.m UK time on 30 September 1999.

Accordingly, application has been made for a total of 25,320,637,708 new Ordinary shares of US$0.10 each to be admitted to the Official List. It is expected that permission to admit the new shares will be granted on 29 September 1999 and that dealings will commence on 1 October 1999.

These shares will rank pari passu with the existing Ordinary shares.

For further information contact:
Tim Brown, Investor Relations Director
or
Melissa Stimpson, Senior Investor Relations Manager
Vodafone AirTouch Plc
Telephone: 01635 33251
or
Lulu Bridges
Zavistock Communications
Telephone: 0171 600 2288

press.office@vodafone.com