1 June 2016 Vodafone Group plc BUY Telecommunications Dividend risk reducing Paul Marsch Analyst +44 20 3207 7857
[email protected] Laura Janssens Analyst +44 20 3465 2639
[email protected] Julia Thannheiser Specialist Sales +44 20 3465 2676
[email protected] ATLAS ALPHA • THOUGHT LEADERSHIP • ACCESS • SERVICE Vodafone Group plc Telecommunications THE TEAM Paul Marsch has been with Berenberg since 2009. He was previously head of telecoms research at Morgan Stanley, where he was consistently very highly ranked. Paul has 20 years' experience in telecoms research, as well as having worked for five years in the telecoms industry for Cable & Wireless. Laura Janssens joined Berenberg in September 2011 and was previously head of global telecoms research at UBS and head of European telecoms research at Merrill Lynch. She has also worked at telecoms consultancy Analysys, and at BT. She has 17 years of telecommunications experience. Laura has been a top-ranked individual analyst in the Extel survey on several occasions. Julia Thannheiser joined the Berenberg specialist sales desk in May 2013. Prior to this, she spent over three years as a telecoms analyst at UBS. Julia holds a BSc from the University of Maastricht and a MSc from Cass Business School. For our disclosures in respect of section 34b of the German Securities Trading Act (Wertpapierhandelsgesetz – WpHG) and our disclaimer please see the end of this document. Please note that the use of this research report is subject to the conditions and restrictions set forth in the disclosures and the disclaimer at the end of this document.