Press Releases（Archive）
East Japan Railway to Sell Vodafone Shares
The East Japan Railway Company Board of Directors voted today to sell its shares of Vodafone K.K.
East Japan Railway Company
Mutsutake Otsuka, President and CEO
July 13, 2004
1. Reason for the Sale
JR East received an offer from Vodafone Holdings PLC to purchase JR East's shares of Vodafone K.K., and upon reviewing the conditions of sale, the Board of Directors voted to accept the offer.
2. Details of the shares to be sold
| Share designation | Vodafone K.K. common stock |
| Number of shares owned | 13,714.74 (2.56% of all shares issued and outstanding) |
| Number of shares to be sold | 13,714.74 |
| Number of shares owned after sale | 0 |
| Acquisition cost | 1.364 billion yen |
| Sale price | 32.519 billion yen |
| Gain on sale | 31.154 billion yen |
| Sale method | Negotiated transaction |
3. Details of the Sale Purchaser
| Trade name | Vodafone International Holdings B.V. |
| Headquarters | Rivium Quadrant 173-177, 15th floor 2909 LC Capelle aan den IJssel, Netherlands |
| Representatives | Erik
de Rijk, Director Michiel Heere, Director |
| Capital | 15,764,000 euros |
| Main business activities | Holding company |
| Relationship with East Japan Railway | None |
4. Other details
The sale is scheduled to take place in late July.
| Note: | Vodafone Holdings K.K. shares owned by consolidated subsidiaries of East Japan Railway will also be sold to Vodafone International Holdings B.V. |
Details of shares of Vodafone Holdings K.K. to be sold by consolidated subsidiaries
| Number of shares to be sold | 27,874 |
| Acquisition cost | 494 million yen |
| Sale price | 8.362 billion yen |
| Gain on sale | 7.868 billion yen |
5. Forecasts of financial results for the half and the full business year
The above-referenced sale will result in extraordinary gain. There will be no revision to the forecasts of financial results for the half and the current fiscal year (April 1, 2004 to March 31, 2005) announced on May 12, 2004, however, because of an anticipated extraordinary loss resulting from the application of asset-impairment accounting.
