Subids Class C Pref Stock

VODAFONE AIRTOUCH PLC 7 September 1999 Vodafone AirTouch to Redeem AirTouch Class C Preferred Stock Vodafone AirTouch Plc today announced that on 28 September 1999, its majority owned subsidiary, AirTouch Communications, Inc. will redeem all of the outstanding shares of its 4.25% Class C convertible preferred stock, series 1996 (NYSE: ATI pfC). Pursuant to the terms of the Certificate of Designation, Preferences and Rights relating to the AirTouch Class C preferred stock, AirTouch will redeem each share of AirTouch Class C preferred stock for an amount of Vodafone AirTouch ADSs having a value of fifty dollars ($50). Based on the closing price of a Vodafone AirTouch ADSs of $202.50 on Friday, 3 September 1999 this would be equivalent to approximately 0.25 of a Vodafone AirTouch ADS. Dividends on the AirTouch Class C preferred stock will cease to accrue on the redemption date. As more fully described in the Certificate of Designation, Preferences and Rights of the AirTouch Class C preferred stock, each share of AirTouch Class C preferred stock is presently convertible at the option of the holder into approximately 0.69 of a Vodafone AirTouch ADS plus approximately $12.41 in cash. This represents the total consideration that a holder of 1.379 shares of AirTouch common stock would have received in the merger between AirTouch Communications, Inc. and Vodafone Group Plc, which was completed on 30 June 1999, had such holder converted the AirTouch Class C preferred shares into AirTouch common shares prior to the merger. Based on the closing price of the Vodafone AirTouch ADSs on Friday, 3 September 1999 of $202.50 per ADS, total consideration would be equivalent to approximately $152 per share of Class C preferred stock. Additional details regarding the scheduled redemption is set forth in a notice that is being mailed to holders of AirTouch Class C preferred stock. To be effective, any conversion notice would need to be received by Bank of New York, by no later than 5:00 pm Eastern Time on Monday, 27 September 1999. For further information contact: Tim Brown Investor Relations Director Vodafone AirTouch Plc Telephone (01635) 33251 or Melissa Stimpson, Senior Investor Relations Manager Vodafone AirTouch Plc Telephone: 01635 33251 or Lulu Bridges Tavistock Communications Telephone: 0171 600 2288
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