Key Performance Indicators

Vodafone Group Plc
28 January 2004

28 January 2004

        VODAFONE ANNOUNCES STRONGEST ORGANIC CUSTOMER GROWTH FOR 3 YEARS

Vodafone Group Plc ('Vodafone') announces today key performance indicators for
the quarter ended 31 December 2003. The main highlights are:

• Over 4.3 million organic net additions in the quarter, increasing the
  proportionate customer base to over 130.4 million

• Blended annual ARPU up €4 to €359 in Italy, stable at €311 in Germany
  and reduced Y1,901 to Y82,917 in Japan, compared to September 2003. Excluding
  the £4 uplift from acquiring Singlepoint, ARPU in the UK was up £2 to £299

• Total data revenues increased to 15.9% of controlled service revenues
  for the year to December 2003 from 13.9% for the prior year

• 4.5 million controlled Vodafone live! customers at the end of
  December, with a further 0.4 million customers in non-controlled operations

• Mobile Connect Card customers in controlled operations increased to
  167,000

Arun Sarin, Chief Executive of Vodafone, commented: 'These are a great set of
KPI's, recording our strongest organic customer growth in 3 years. We continue
to be delighted with the progress of Vodafone live! which has proved to be a
real point of difference during the last quarter in many of our markets.

'Overall, these figures are slightly better than our expectations and are
consistent with the outlook we gave at our interim results. This solid
performance provides a strong platform for the year ahead.'

Customer Growth

In total, over 5.1 million registered proportionate customers were added in the
quarter, including 0.8 million from stake changes, primarily in Greece. The
total proportionate base increased to 130.4 million, up nearly 16% on December
2002.

A strong competitive performance in Germany and Italy showed through in
proportionate net additions of 888,000 and 507,000 respectively. In the UK, net
additions of 464,000 were at the highest level since March 2001, demonstrating
the increased level of investment in growth.

Vodafone live! customers increased to 4.5 million in controlled operations. The
UK passed 1 million customers during the quarter, reaching 1,030,000 customers
by 31 December 2003, with Germany at 1,580,000 and Italy at 780,000. Vodafone
live! is now available in 15 countries, including 2 associates in France and
Switzerland, and will be launched in Belgium during 2004. Since its launch on 29
October 2003, SFR in France added 330,000 customers by the end of the year.

In addition, the Group has a further 12.8 million Vodafone live! customers
following the rebranding of J-Sky in Japan on 1 October 2003. Over 86% of
Vodafone K.K.'s registered customer base has a Vodafone live! enabled handset.

Active customers in the Group's controlled businesses were unchanged at 93% of
total customers.

Registered Blended ARPU

Blended ARPU in the UK increased to £303 for the year to December 2003, up from
£297 for the year to September 2003. The increase in blended and contract ARPU
benefited by £4 and £10 respectively from the acquisition of Singlepoint, which
was completed on 22 September 2003. Prepay and contract ARPU also improved as a
result of increased usage.

In Italy, blended ARPU increased from €355 to €359, driven by the continued
focus on higher value customers, particularly in the corporate segment. Blended
ARPU in Germany remained stable at €311, with lower usage, but lower subsidy,
contract tariffs remaining popular.

In Japan, blended ARPU continued to reduce, reflecting the success of the prepay
offering, the competitive environment and increasing penetration in the Japanese
market.

Data as a percentage of service revenues

For the Group's controlled operations, data as a percentage of service revenues
continued to grow, increasing to 15.9% for the year to December 2003, up from
15.5% for the year to September. Data in the month of December 2003 was 17.3%,
up from 16.0% in December 2002.

Excluding Japan, the percentage of service revenues from non-messaging data
revenue has increased from 0.7% in December 2002 to 1.6% in December 2003,
demonstrating the initial benefits from Vodafone live! and new business services
during 2003.

                                    - ends -


For further information:

Vodafone Group
Tim Brown, Group Corporate Affairs Director
Tel: [phone]

Investor Relations
Melissa Stimpson
Darren Jones
Tel: [phone]

Media Relations
Bobby Leach
Ben Padovan
Tel: [phone]

Tavistock Communications
Lulu Bridges
Justin Griffiths
Tel: [phone]



           VODAFONE GROUP PLC - MOBILE TELECOMMUNICATIONS BUSINESSES

        PROPORTIONATE NET CUSTOMERS - 1 OCTOBER 2003 TO 31 DECEMBER 2003

COUNTRY           PERCENTAGE         AT             NET         STAKE           AT    PREPAID(3)
                 OWNERSHIP(1)     1 OCT       ADDITIONS      CHANGES(2)     31 DEC
                                   2003                                       2003
                       (%)        (000s)          (000s)       (000s)        (000s)          (%)
UK & IRELAND
UK                   100.0%      13,483             464            -        13,947           59%
Ireland              100.0%       1,803              68            -         1,871           72%
TOTAL                            15,286             532            -        15,818           61%

NORTHERN EUROPE
Germany              100.0%      23,780             888            -        24,668           52%
Hungary               87.9%       1,061             109            -         1,170           84%
Netherlands           99.9%       3,351              47            2         3,400           57%
Sweden                99.1%       1,368              41            -         1,409           34%
Others                            9,064             319            -         9,383           49%
TOTAL                            38,624           1,404            2        40,030           51%

SOUTHERN EUROPE
Italy                 76.8%      15,345             507            -        15,852           92%
Albania               93.1%         393              29           50           472           97%
Greece                86.0%       2,472               *            *             *            *
Malta                100.0%         158               4            -           162           92%
Portugal             100.0%       3,243              89            -         3,332           73%
Spain                100.0%       9,399             286            -         9,685           57%
Others                              595               *            *             *            *
TOTAL                            31,605             929          798        33,332           78%

AMERICAS
United
States(4)             44.3%      15,960             678            -        16,638            6%
TOTAL                            15,960             678            -        16,638            6%

ASIA PACIFIC
Japan                 69.7%      10,140             128            -        10,268            8%
Australia            100.0%       2,627              49            -         2,676           55%
New Zealand          100.0%       1,429              98            -         1,527           79%
Others                            4,465             216            -         4,681           64%
TOTAL                            18,661             491            -        19,152           59%

MIDDLE EAST AND AFRICA
Egypt                 67.0%       1,729             109            -         1,838           82%
Others                            3,396             204            -         3,600           87%
TOTAL                             5,125             313            -         5,438           86%

GROUP TOTAL                     125,261           4,347          800       130,408           55%
-------------------------------------------------------------------------------------------------


(1) All percentages are stated as at 31 December 2003 and exclude options,
    warrants or other rights or obligations of the Company to increase or
    decrease ownership in any venture. Ownership interests have been rounded to
    the nearest tenth of one percent.

(2) Represents a stake increase in Vodafone Netherlands of 0.1% from 99.8%
    to 99.9%, a stake increase in Vodafone Albania of 10.1% from 83.0% to 93.1%
    and a stake increase in Vodafone Greece of 20.6% from 65.4% to 86.0%.

(3) Prepaid customer percentages are calculated on a venture basis. At 31 
    December 2003, there were 327.1 million total venture customers.

(4) The Group's proportionate customer base has been adjusted for Verizon
    Wireless's proportionate ownership of its customer base across all its
    network interests of approximately 98.5% at 31 December 2003. In the absence
    of acquired interests, this proportionate ownership will vary slightly from
    quarter to quarter depending on the underlying mix of net additions across
    each of these networks.

 *  Listed subsidiary still to report.

            VODAFONE GROUP PLC - MOBILE TELECOMMUNICATIONS BUSINESSES

          CONTROLLED ACTIVE CUSTOMER INFORMATION AS AT 31 DECEMBER 2003

                                               CONTROLLED ACTIVE(1)            
                                     ------------------------------------------
COUNTRY                               PREPAID         CONTRACT             TOTAL
                                         (%)               (%)               (%)
UK & IRELAND
UK                                       88%               95%               91%
Ireland                                  99%               99%               99%
TOTAL                                    90%               95%               92%

NORTHERN EUROPE
Germany                                  90%               95%               92%
Hungary                                  88%               99%               90%
Netherlands                              91%               99%               94%
Sweden                                   97%               94%               95%
TOTAL                                    90%               96%               93%

SOUTHERN EUROPE
Italy                                    93%               93%               93%
Albania                                  87%               97%               87%
Greece                                    *                 *                 *
Malta                                    99%               98%               99%
Portugal                                 84%               99%               88%
Spain                                    95%               95%               95%
TOTAL                                    92%               95%               92%

ASIA PACIFIC
Japan                                    80%               99%               98%
Australia                                90%               90%               90%
New Zealand                              97%               98%               97%
TOTAL                                    89%               99%               97%

MIDDLE EAST AND AFRICA
Egypt                                    96%               97%               97%
TOTAL                                    96%               97%               97%

CONTROLLED
GROUP TOTAL                              91%               96%               93%
--------------------------------------------------------------------------------

                
                CONTROLLED ACTIVE CUSTOMER INFORMATION - HISTORY

                             CONTROLLED ACTIVE CUSTOMERS AS AT
               ---------------------------------------------------------------
COUNTRY         DECEMBER        MARCH        JUNE      SEPTEMBER      DECEMBER
                    2002         2003        2003           2003          2003
                     (%)          (%)         (%)            (%)           (%)
------------------------------------------------------------------------------
Germany               92           92          93             92            92
Italy                 95           95          93             94            93
Japan                 99           98          98             98            98
UK                    92           91          91             91            91
Controlled Total      94           93          93             93            93
--------------------------------------------------------------------------------

(1) Active customers are defined as customers who have made or received a
    chargeable event in the last 3 months.

 *  Listed subsidiary still to report.

            VODAFONE GROUP PLC - MOBILE TELECOMMUNICATIONS BUSINESSES
      MONTHLY REGISTERED BLENDED ARPU FOR THE 15 MONTHS TO 31 DECEMBER 2003

Country           Oct     Nov     Dec     Jan     Feb     Mar
                 2002    2002    2002    2003    2003    2003
-------------------------------------------------------------

Germany   EUR    27.4    25.4    25.4    25.6    23.2    25.8    

Italy     EUR    29.3    28.0    29.5    29.3    26.5    29.1    

Japan     JPY   7,350   7,120   7,360   7,120   6,840   7,270

UK(2)     GBP    25.5    24.3    23.5    24.7    23.4    25.6


Country            Apr     May     Jun     Jul     Aug     Sep     Oct    Nov     Dec
                  2003    2003    2003    2003    2003    2003    2003   2003    2003
-------------------------------------------------------------------------------------

Germany   EUR     25.4    26.2    26.1    27.9    26.7    27.0    27.0   24.9    25.4

Italy     EUR     29.4    30.1    30.7    32.2    29.7    31.1    31.1   29.0    30.4

Japan     JPY    7,050   7,040   6,850   7,130   7,030   6,710   6,760  6,460   6,690

UK(2)     GBP     24.4    25.2    25.5    25.7    24.2    25.6    26.8   26.0    26.2



          ARPU INFORMATION FOR THE 12 MONTH PERIOD TO 31 DECEMBER 2003

                                          ARPU(1)                            
                 -------------------------------------------------------------
COUNTRY                       REGISTERED        REGISTERED         REGISTERED
                 CURRENCY        PREPAID          CONTRACT              TOTAL
UK & IRELAND
UK(2)                GBP             129               543                303
Ireland              EUR             361             1,116                582

NORTHERN EUROPE
Germany              EUR             130               500                311
Hungary              HUF          43,119           174,559             60,384
Netherlands          EUR             177               886                471
Sweden               SEK             931             6,092              4,531

SOUTHERN EUROPE
Italy                EUR             307               880                359
Greece               EUR               *                 *                  *
Malta                MTL              96               896                162
Portugal             EUR             181               666                321
Spain                EUR             162               639                369

ASIA PACIFIC
Japan                JPY             N/A               N/A             82,917
Australia            AUD             280               897                579
New Zealand          NZD             333             1,836                664

MIDDLE EAST AND AFRICA
Egypt                EGP             735             3,052              1,127
-----------------------------------------------------------------------------


                                 ARPU - HISTORY

                      REGISTERED TOTAL ARPU FOR THE 12 MONTH PERIOD TO
                     ---------------------------------------------------
COUNTRY   CURRENCY   DECEMBER    MARCH      JUNE    SEPTEMBER   DECEMBER
                        2002      2003      2003        2003        2003
------------------------------------------------------------------------
Germany        EUR       312       313       313         312         311
Italy          EUR       347       347       351         355         359
Japan          JPY    88,238    87,159    86,183      84,818      82,917
UK(2)          GBP       287       292       297         297         303

(1) ARPU is calculated as total revenues excluding handset revenues and
    connection fees divided by the weighted average number of customers during
    the period.

(2) During the period from 1 October 2002 to 31 March 2003, Vodafone UK operated
    under interim commercial terms with one of its service providers. Final
    terms were agreed in April 2003. Recognising revenues on a consistent basis
    during the interim period to the bases before and after this period would
    result in additional service revenues of £74 million. For consistency and
    comparability purposes, these revenues have been included in the calculation
    of UK ARPU but have been excluded from Group turnover in accordance with UK
    GAAP.
   
   The impact of the inclusion of these amounts has been to increase ARPU for
   the 12 months to 31 December 2002, 31 March 2003, 30 June 2003, September
   2003 and December 2003 from £284, £286, £291, £292 and £300 to £287, £292,
   £297, £297 and £303 respectively.

 * Listed subsidiary still to report.

            VODAFONE GROUP PLC - MOBILE TELECOMMUNICATIONS BUSINESSES

              NON-VOICE SERVICES AS A PERCENTAGE OF SERVICE REVENUES

PROPORTIONATE BASIS
-------------------
                       12 MONTHS TO 31 DECEMBER 2003     DECEMBER 2003 (MONTH ONLY)
                       -----------------------------     ---------------------------
COUNTRY                  MESSAGING    DATA     TOTAL      MESSAGING   DATA    TOTAL
UK & IRELAND
UK(1)                        14.0%    1.5%     15.5%          15.4%   2.1%    17.5%
Ireland                      19.4%    1.1%     20.5%          20.5%   1.7%    22.2%
TOTAL                        14.8%    1.5%     16.3%          16.1%   2.0%    18.1%

NORTHERN EUROPE
Germany                      15.7%    1.5%     17.2%          17.4%   2.1%    19.5%
Others                        8.7%    1.1%      9.8%           9.8%   1.6%    11.4%
TOTAL                        12.5%    1.3%     13.8%          13.8%   1.9%    15.7%

SOUTHERN EUROPE
Italy                        11.9%    0.8%     12.7%          13.5%   1.2%    14.7%
Others                       10.0%    0.7%     10.7%          11.3%   1.0%    12.3%
TOTAL                        10.9%    0.8%     11.7%          12.4%   1.1%    13.5%

AMERICAS
United States                 1.0%    1.2%      2.2%           1.4%   1.7%     3.1%
Others                        0.2%    0.1%      0.3%             -      -        -
TOTAL                         1.0%    1.2%      2.2%           1.4%   1.7%     3.1%

ASIA PACIFIC
Japan                         7.6%   14.2%     21.8%           7.6%  14.8%    22.4%
Others                       10.9%    1.3%     12.2%          13.7%   1.2%    14.9%
TOTAL                         8.4%   11.2%     19.6%           9.2%  11.4%    20.6%

MIDDLE EAST
AND AFRICA                    4.4%    0.1%      4.5%           4.3%   0.1%     4.4%

PROPORTIONATE GROUP TOTAL     9.7%    2.8%     12.5%          11.0%   3.2%    14.2%
------------------------------------------------------------------------------------

STATUTORY BASIS
---------------
CONTROLLED GROUP TOTAL       11.8%    4.1%     15.9%          12.9%   4.4%    17.3%
------------------------------------------------------------------------------------


        NON-VOICE SERVICES AS A PERCENTAGE OF SERVICE REVENUES - HISTORY

                                     12 MONTHS TO                   
                  -------------------------------------------------
COUNTRY             DEC        MAR        JUN        SEP        DEC
                   2002       2003       2003       2003       2003
UK (1)            13.9%      14.4%      14.7%      15.0%      15.5%

Germany           16.1%      16.4%      16.7%      17.0%      17.2%

Italy             10.7%      11.3%      11.8%      12.2%      12.7%

Japan             19.3%      20.3%      20.9%      21.3%      21.8%

Proportionate
Total             10.7%      11.3%      11.7%      12.2%      12.5%

Statutory
Total             13.9%      14.6%      15.0%      15.5%      15.9%


        NON-VOICE SERVICES AS A PERCENTAGE OF SERVICE REVENUES - HISTORY (cont)

                                     (MONTH ONLY)
                  -------------------------------------------------
COUNTRY             DEC        MAR        JUN        SEP        DEC
                   2002       2003       2003       2003       2003

UK (1)            16.0%      15.2%      14.6%      14.7%      17.5%

Germany           19.2%      16.6%      16.9%      16.3%      19.5%

Italy             12.9%      11.8%      12.5%      12.4%      14.7%

Japan             20.6%      21.7%      21.8%      21.2%      22.4%

Proportionate
Total             12.5%      12.3%      12.1%      12.2%      14.2%

Statutory
Total             16.0%      15.6%      15.3%      15.2%      17.3%




(1)  During the period from 1 October 2002 to 31 March 2003, Vodafone UK
     operated under interim commercial terms with one of its service providers.
     Final terms were agreed in April 2003. Recognising revenues on a consistent
     basis during the interim period to the bases before and after this period
     would result in additional service revenues of £74 million. For consistency
     and comparability purposes, these revenues have been included in the
     calculation of non-voice services as a percentage of service revenues.

     The impact of the inclusion of these amounts was to decrease UK non-voice
     services as a percentage of service revenues for the months of December
     2002 and March 2003 from 16.1% and 15.3% to 16.0% and 15.2% respectively.





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