We Connect for a Better Future

We connect for a better future

Nick Read Group Chief Executive Disclaimer

By reading these slides you agree to be bound by the following conditions. Information in the following presentation relating to the price at which relevant investments have been bought or sold in the past, or the yield on such investments, cannot be relied upon as a guide to the future performance of such investments. This presentation does not constitute an offering of securities or otherwise constitute an invitation or inducement to any person to underwrite, subscribe for or otherwise acquire or dispose of securities in any company within the Group. No person is under any obligation to update, complete, revise or keep current the information contained in this presentation. The presentation contains forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties because they relate to future events. Some of the factors which may cause actual results to differ from these forward-looking statements are discussed on the final slide of the presentation. References to Vodafone are to Vodafone Group Plc and references to Vodafone Group are to Vodafone Group Plc and its subsidiaries unless otherwise stated. Vodafone, the Vodafone Portrait, the Vodafone Speech Mark, Vodafone Broken Speech Mark Outline, Vodafone One, The future is exciting. Ready? And M-Pesa, are trade marks owned by Vodafone. Other product and company names mentioned herein may be the trade marks of their respective owners.

2 Why Our purpose We connect for a better future

Digital Society Inclusion for all Planet Improving 1 billion lives and halving our environmental impact by 2025 What Our Strategy

How Our culture The people and culture to deliver

3 Digital Society

By 2025 Vodafone will connect:

Gigabit network: Stakeholder benefits: 350m people on our Gigafast mobile and fixed networks • Increased innovation, productivity and economic growth IoT innovation: • Enhancing the lives of our customers 150m vehicles, through enabling smart transport • Driving incremental revenue and shareholder value Financial services: 50m people to mobile money services through M-Pesa

4 Inclusion for all

By 2025 Vodafone will:

ConnectedSheCan: Stakeholder benefits: Connect an additional 50m women in emerging markets to • Helping to bridge divides mobile, through specially designed products and services within societies by empowering woman Become the world’s best employer for women, through promoting workplace equality • Supporting more vulnerable communities Building digital skills: • Lowering youth Enable 10m young people to access digital skills unemployment (by 2022), through internal programmes • Attracting and retaining the best talent Our Foundation: Improve the lives of 400m people, supporting societies through healthcare and education

5 Planet

By 2025 Vodafone will:

Climate change: Stakeholder benefits: Reduce our greenhouse gas emissions by 50% • Reducing climate change and its impacts • Improving profitability Future proofing our energy supply: through greater energy efficiency Purchase 100% of our electricity from renewable sources

Tackling e-waste: Reuse, resell or recycle 100% of our redundant network equipment

6 Afternoon breakout sessions

Privacy and Cyber Security

Regulation: a new ‘social contract’

Environment and energy

Diversity, inclusion and employee engagement

Responsible business

Social impact: woman, youth and financial inclusion

7 1

Privacy and Cyber Security Mikko Niva Emma Smith Richard Spearman Group Privacy Officer Global Cyber Security Group Corporate Director Security Director

2 Regulation: A new ‘social contract’ Joakim Reiter Reinald Krüger Group External Affairs Group Policy and Public Director Affairs Director

8 3

Environment & Energy Johan Wibergh Bernd Leven Group Chief Technology Head of Energy Officer Performance

4 Diversity & Inclusion Leanne Wood Group Chief HR Officer

9 5 Responsible business: tax transparency, supply chain integrity, human rights, bribery and corruption Rosemary Martin John Connors Group General Counsel & Group Tax Director Company Secretary

6 Social impact: women, rural, youth & financial Serpil Timuray Philippe Weber inclusion CEO, Europe Cluster Head of M-Pesa

10 11 Meet the Board Investor Open Office Forward-looking statement

This presentation, along with any oral statements made in connection therewith, contains supply chains and greater than anticipated prices of new mobile handsets; changes in the costs “forward-looking statements” within the meaning of the US Private Securities Litigation Reform to the Group of, or the rates the Group may charge for, terminations and roaming minutes; the Act of 1995 with respect to the Group’s financial condition, results of operations and businesses impact of a failure or significant interruption to the Group’s telecommunications, networks, IT and certain of the Group’s plans and objectives. systems or data protection systems; the Group’s ability to realise expected benefits from acquisitions, partnerships, joint ventures, franchises, brand licenses, platform sharing or other In particular, such forward-looking statements include, but are not limited to the Group’s arrangements with third parties; acquisitions and divestments of Group businesses and assets Environmental, Social and Governance targets. and the pursuit of new, unexpected strategic opportunities; the Group’s ability to integrate Forward-looking statements are sometimes, but not always, identified by their use of a date in acquired business or assets; the extent of any future write-downs or impairment charges on the the future or such words as “will”, “anticipates”, “aims”, “expects”, “believes”, “intends”, “plans”, Group’s assets, or restructuring charges incurred as a result of an acquisition or disposition; “prepares”, “targets”, “forecasts” or “seeks” (including in their negative form). By their nature, developments in the Group’s financial condition, earnings and distributable funds and other forward-looking statements are inherently predictive, speculative and involve risk and factors that the Board takes into account in determining the levels of dividends; the Group’s uncertainty because they relate to events and depend on circumstances that may or may not ability to satisfy working capital requirements; changes in foreign exchange rates; changes in the occur in the future. There are a number of factors that could cause actual results and regulatory framework in which the Group operates; the impact of legal or other proceedings developments to differ materially from those expressed or implied by these forward-looking against the Group or other companies in the communications industry and changes in statutory statements. These factors include, but are not limited to, the following: external cyber-attacks, tax rates and profit mix. insider threats or supplier breaches; general economic or and political conditions the Furthermore, a review of the reasons why actual results and developments may differ materially jurisdictions in which the Group operates, including as a result of Brexit, and changes to the from the expectations disclosed or implied within forward-looking statements can be found associated legal, regulatory and tax environments; increased competition; increased under the headings “Forward-looking statements” and “Risk management” in the Group’s Annual disintermediation; levels of investment in network capacity and the Group’s ability to deploy new Report for the year ended 31 March 2019. The Annual Report can be found on the Group’s technologies, products and services; rapid changes to existing products and services and the website (vodafone.com/investor). All subsequent written or oral forward-looking statements inability of new products and services to perform in accordance with expectation; the ability of attributable to the Company, to any member of the Group or to any persons acting on their the Group to integrate new technologies, products and services with existing networks, behalf are expressly qualified in their entirety by the factors referred to above. No assurances technologies, products and services; the Group’s ability to generate and grow revenue; a lower can be given that the forward-looking statements in or made in connection with this than expected impact of new or existing products, services or technologies on the Group’s future presentation will be realised. Subject to compliance with applicable law and regulations, revenue, cost structure and capital expenditure outlays; slower than expected customer growth, Vodafone does not intend to update these forward-looking statements and does not undertake reduced customer retention, reductions or changes in customer spending and increased pricing any obligation to do so. pressure; the Group’s ability to expand its spectrum position, win 3G, 4G and 5G allocations and realise expected synergies and benefits associated with 3G, 4G and 5G; the Group’s ability to secure the timely delivery of high-quality products from suppliers; loss of suppliers, disruption of 13 Appendix

14 Vodafone has focused on sustainability since 2001

First Group-wide 2-for-1 customer New Purpose strategy target to reduce C02 enablement goal launched launched and 2025 emissions established (met in 2018) targets set 2025 CO2 and 2022 youth skills targets launched

2001 2006 2010 2015 2016 2018 2018 2019

New Sustainable Business strategy launched

Vodafone joins RE100 2025 women’s empowerment First sustainability targets launched report published First CDP submission

15 Meet the Board Investor Open Office Meet the Board Investor Open Office

Gerard Kleisterlee Chairman Disclaimer

3 Agenda

09:30 Meet the Board Gerard Kleisterlee Remuneration Val Gooding Audit and Risk David Nish 10:30 Move to Q&A sessions 11.50 Purpose-led Vodafone Nick Read 12.15 Lunch 13.00 Afternoon sessions (4 rotations) Privacy and Cyber Security Mikko Niva, Emma Smith and Richard Spearman New regulatory strategy Joakim Reiter and Reinald Kruger Environment & Energy Johan Wibergh and Bernd Leven Diversity & Inclusion Leanne Wood Responsible business Rosemary Martin and John Connors Social impact Serpil Timuray and Philippe Weber 16.00 Drinks with ExCo members

4 Our Purpose: We connect for a better future

Digital Society Inclusion for All Planet

Improving 1 billion lives and halving our environmental impact by 2025 Our purpose We connect for a better future Deeper customer engagement Europe Vodafone Emerging Our strategy Consumer Business Consumer

Service revenue mix (%) Other RoW Emerging 9 Germany 4 Vodacom Consumer 12 30 17 Europe Spain 10 52 Consumer 27 13 13 Business Italy Other EU 13 UK Scaled platforms & partner of choice

Best Gigabit Network Digital First Radically Simpler

6 The Board of Directors

Proven leaders with telecom, tech and other relevant backgrounds

Gerard Kleisterlee Board Chairman Val Gooding Sr. Independent Director David Nish Audit & Risk Chair Nick Read Chief Executive Nominations & Governance Chair Remuneration Chair (Jan 2016) (April 2014)1 (July 2011) (Feb 2014)

Former Chairman, President & CEO, Former CEO, ‘Bupa’ Koninklijke Philips and Head of Former CEO and CFO, Chief Executive, Electronics Marketing, BA Standard Life Vodafone Group

 Extensive global leadership experience in  Extensive international business and  Extensive senior leadership, operational  Extensive international business and developed and emerging markets customer service experience and strategic experience in highly customer service experience in developed regulated global businesses and emerging markets  Expertise in the consumer electronics,  Expertise in human capital issues with a technology and lifestyle industries focus on leadership and talent  Expertise in financial and capital markets  Expertise in telecoms, media and logistics

1. Appointed onto the Board as Group Chief Financial Officer 7 The Board of Directors

Proven leaders with telecom, tech and other relevant backgrounds

Renée James Sir Crispin Davis Dame Clara Furse DBE Maria Amparo Moraleda Martinez (Jan 2011) (July 2014) (Sept 2014) (June 2017)

Chairman & CEO, Ampere Computing, Former CEO, Former COO, Iberdrola Former President, Former CEO, London Stock and President Intel Corporation Reed Elsevier Exchange Southern Europe, IBM

 Extensive experience developing and  Extensive leadership and commercial  Extensive international capital markets,  Extensive global, financial and data implementing corporate strategy experience regulation and service industry experience management experience  Expertise in the high technology sector  Expertise in international content and  Expertise in transforming businesses  Expertise in technology technology markets

8 The Board of Directors

Proven leaders with telecom, tech and other relevant backgrounds

Michel Demaré Margherita Della Valle Sanjiv Ahuja David Thodey (Feb 2018) (July 2018) (Nov 2018) (Sept 2019)

Former CEO/Chairman, Former CFO, ABB Orange Plc and Former CEO Telstra Group and CFO CFO, Chairman, Eaton Corporation Ltd, and Europe, Baxter Int. Vodafone Group Towers CEO, IBM Aus/NZ

 Extensive international business, financial  Extensive financial and commercial  Extensive international and operational  Extensive international and commercial and strategic experience experience experience experience  Expertise in financial markets and M&A  Expertise in telecoms  Expertise in telecoms, having led mobile,  Expertise in telecoms and tech in Australia broadband and infrastructure companies and New Zealand

9 Good diversity, with a healthy range of tenure and expertise

Gender Diversity of the Board We leverage our Board’s expertise to support our strategy

Technology Telecoms 42% 5 of 12 4 members 4 members Board Directors are Women Political/Regulatory Emerging Markets 2 member Experience 2 members and Skills Tenure of Non-Executive Board Non-Executive Consumer Goods Directors Financial & 2 Directors /Service Capital Markets 7-9 Years 3 member 3 members 3.8 Media years 4 Directors Average 1 member 4 Directors Tenure ≤2 years 3-6 Years

10 The Board over the past year

How we work together What we’ve been focused on

• Constructive dialogue • Strengthen Executive leadership • Encouraged to challenge Executives • Successful convergence strategy in Europe, Liberty Global integration planning and • Always learning implementation - Deep dive into business/strategic areas - Board dinners with industry experts • Ensuring a sustainable ring-fenced JV in India • Regular formal and informal feedback • Improving asset utilisation • Triennial independent external evaluation • Maintaining a strong balance sheet • More local deep dives and engagement

11 The Nominations Committee over the past year

Committee members What we’ve been focused on • Gerard Kleisterlee • Val Gooding • 4 new NED’s in the last 2 years, increasing telecoms expertise on the Board • Sir Crispin Davis • Appointment and on-boarding of new Chief • Renee James Executive and CFO What we do • Working with the CEO on the appointment of the new HR and Business ExCo members • Ensure the continuous renewal of the Board • Stronger succession planning for ExCo • Succession planning for senior executives members and key market CEO’s • Board performance evaluation • Closer engagement with the European • Monitoring changes in the UK Corporate Workforce Union Governance Code • SID leading the process for Chair succession

12 Remuneration

Val Gooding Remuneration Committee Chairman Overview of the Remuneration Committee

• 4 independent non-executive directors • 5 scheduled meetings per year • Responsible for oversight and effective governance principles: Driving behaviours that support our strategy and purpose Fair pay at Vodafone

Pay for performance Alignment with shareholder experience

Val Gooding Sr. Independent Director Michel Demaré Dame Clara Furse DBE Renée James Remuneration Chair (Feb 2014) (Feb 2018) (Sept 2014) (Jan 2011)

Chairman & CEO, Former CEO, ‘Bupa’ Former CFO, ABB Former CEO, Ampere Computing, and Head of Group and CFO London Stock Former President, Intel Marketing, BA Europe, Baxter Int. Exchange Corporation  Extensive international business and  Extensive international business,  Extensive international capital  Extensive experience developing and customer service experience financial and strategic experience markets, regulation and service implementing corporate strategy industry experience  Expertise in human capital issues with  Expertise in financial markets and  Expertise in the high technology a focus on leadership and talent M&A  Expertise in transforming businesses sector

14 Driving behaviours that support our Strategy and Purpose

The Committee works to ensure that our remuneration policy drives the behaviours that support our strategy and business objectives. This includes a focus on:

Financial drivers Customer focus ESG Using performance Balancing the importance Proposing to introduce an measures and targets of financial measures with ESG metric under our which will be the key the acknowledgement long-term incentive plan. drivers of our growth, that maintaining the focus Ensuring the actions of being Free Cash Flow, on our customers remains management take into Service Revenue and EBIT a vital part of our business account the three pillars of our Purpose.

15 Pay for Performance

Our incentive plans only deliver significant rewards if and when they are justified by business performance

The Committee sets stretching performance targets, as illustrated through our historic incentive payouts:

Annual bonus payouts (% of max) 2014/15 2015/16 2016/17 2017/18 2018/19 AVERAGE 56% 58% 47% 64% 44% 54%

Long term incentive vesting (% of max) 2014/15 2015/16 2016/17 2017/18 2018/19 AVERAGE 0% 23% 44% 67% 40% 35%

16 Fair Pay at Vodafone

We offer competitive and fair rates of pay and benefits to all of our people, in line with our six Fair Pay principles:

Market competitive Free from discrimination Ensure a good standard of living Share in our success Provide benefits for all Open and transparent

17 Alignment with shareholder returns

We align the interests of our executives with the experience of our shareholders through:

• Market leading share ownership requirements • Leveraging of package towards the share-based long-term incentive plan • Inclusion of relative Total Shareholder Return as a metric under our long-term incentive plan • Regular shareholder, employee and stakeholder engagement

18 Shareholder consultation – Remuneration policy review

Introduction of annual bonus deferral Reduction in long-term incentive maximum and threshold opportunities Introduction of an ESG metric under the long-term incentive 5 Year Vesting/Holding period under the Long-term incentive Extension of post-employment shareholding requirements Expansion of clawback arrangements Continued alignment of pension levels with wider colleague population

19 Chairman succession process

Nominations subcommittee, 4 Non-executive directors (led by SID) Appointment of search firm Consultation with stakeholders on person specification, final spec agreed with Board Long and short listing, meetings with short list

CEO meetings with short list (also others as required) Board will meet with recommended candidate

20 Audit & Risk

David Nish Audit and Risk Committee Chairman Overview of the Audit and Risk Committee

• 5 independent non-executive directors • 5 scheduled meetings per year • Specific ARC on-boarding and induction for 2 recently joined Committee members • Responsible for oversight and effective governance: financial reporting risk management internal controls compliance and audit

David Nish Audit & Risk Chair Sir Crispin Davis Maria Amparo Moraleda Martinez Michel Demaré Sanjiv Ahuja (Jan 2016) (July 2014) (June 2017) (Feb 2018) (Nov 2018)

Former COO, Former Iberdrola and Former CFO, CEO/Chairman, Former CEO and President ABB Group and Orange Plc and CFO, Standard Former CEO, Southern CFO Europe, Chairman, Eaton Life Reed Elsevier Europe, IBM Baxter Int. Towers

 Extensive senior leadership,  Extensive leadership and  Extensive global, financial and data  Extensive international business,  Extensive international and operational and strategic commercial experience management experience financial and strategic experience operational experience experience in highly regulated  Expertise in international content  Expertise in technology  Expertise in financial markets and  Expertise in telecoms, having led global businesses and technology markets M&A mobile, broadband and  Expertise in financial and capital infrastructure companies markets

22 Vodafone’s top 10 risks

1. Cyber threat and information security 2. Adverse political and regulatory measures 3. Global economic disruption/adequate liquidity Risk watch list 4. Geo-political risk in supply chain • UK’s departure from the EU 5. Digital transformation and simplification • Climate change 6. Market disruption • EMF health related risks 7. Technology resilience 8. Successful integration of new assets and management of JV’s 9. Legal compliance 10. Disintermediation

23 Audit & Risk Committee key areas of focus over the past year

Key activities • Appointment of new auditors (EY) • External reporting: Adoption of IFRS 9, 15 and 16 • Reporting adjustments for Vodafone Idea JV, inclusion of Liberty Global assets and disposal of NZ • Continuous review of key business risks • Continuous monitoring of internal audit strategy and scope of audit activities

Deep dives • Cyber security • Country and Business internal control and risk management • Anti-money laundering • Whistleblower policies • Supply chain management

24 Forward-looking statement

Joakim Reiter Group External Affairs Director Reinald Krüger Group Policy and Public Affairs Director Disclaimer

2 European telcos conundrum

European Policy approach… … outcomes

• Improving budget through extractive spectrum auctions • Sharp declines in consumer prices while massive • Micro management through sector specific consumer increase of data volumes regulation • Highest capex intensity (~20%) amongst industries • Interventions to artificially maintain/increase number • Limited scale economies of players = ROIC (~4%) below cost of capital (5.5-7%)

Source: All figures from Mckinsey report 2018 3 10pp difference vs. US in profitability, mostly explained by regulation

EBITDA margin (%) Capex intensity (%) EBITDA-Capex (%)

Europe 33 17 16

North 41 15 26 America

-8pp +2pp -10pp

Source: All figures from GSMA intelligence, calendar year 2018 4 Our solution: a “Social Contract”

Trust Fairness Leadership Consumer trust Leaving no one behind Partnership

Digital Society Infrastructure quality Innovation

Avoiding micro regulations Fair investment conditions Standing for what we believe

5 We are already executing on the “Social Contract”

Trust Fairness Leadership Consumer trust Leaving no one behind Partnership • Speed tiered unlimited • UK (and DE) rural shared network • Vodafone Invent • Trust by design • European TowerCo • ARM - IoT Digital Society Infrastructure quality • IBM - AI & cloud Innovation • Women in tech/mobile • Vendor assurance system • Open RAN • Reducing GHG by 50% and going Fair investment conditions 100% green renewable electricity Standing for what we believe • Lower rollout costs Avoiding micro regulations • Non-discriminatory spectrum • EU Digital Single Market (DSM 2.0) • AI guidelines, not regulation licensing • An Industrial 5G spectrum policy • Single market framework for IoT • Level playing fields with digital for Europe incumbents

6 Q&A Forward-looking statement

2 Tax transparency: Vodafone’s economic contribution

Financial tax measures only tell part of the story Total economic contributions to governments (2018)

2019 corporate taxes paid India 0% 0% 21% 22% Italy Germany Germany 13% 10% 3% UK Italy €13.3bn Turkey 5% 8% Other Europe 14% South Africa 23% Vodacom 6% Spain €1,049m Rest of World Kenya 8% 12% Other 8% Other Spain 9% UK 38% Tax and economic contribution report Provide wider context to the contributions we make to governments, inc. tax

€23.9bn 24.4% Deferred tax assets Effective tax rate

* All figures relate to FY 18/19 unless stated otherwise Total economic contribution includes direct taxes we incur, including corporate tax, indirect taxes we collect and non-tax amounts paid to governments including spectrum 3 Tax transparency: our principles and value contributors

Our Tax principles: Value chain:

Tax value

Risk and reputation

Business partnering

People

Compliance

Customer experience

We are also signatories to The B Team tax principles

* Does not include Vodafone joint ventures or associates 4 Tax transparency: leading the way in reporting

What we publish We believe our current voluntary approach to tax reporting provides a clearer indication of our activity and our contributions

Vodafone, Luxembourg and ‘tax havens’ Our subsidiaries there are not ‘brass plate’ and play a central role in managing some of the most important aspects of our global operations

Developing tax regimes for the digital age We welcome the debate on the taxation of the digital economy and consider it appropriate for digital businesses to be taxed in a sustainable and transparent way, with profits taxed where value is created

5 Supply chain integrity: Vodafone code of ethical purchasing

Vodafone code of ethical purchasing Ethical purchasing policy for direct suppliers Safety of people Anti-bribery Tier 1 direct Qualification process No child/forced labour Responsible sourcing of minerals Fair pay & working hours Protection of environment Qualified Vodafone supply base Tier 2 subcontractors No discrimination Risk profiling Tier 3 components Key partners Compliance monitoring Verifying supply Responsible Tier 4 + Improvements and capability building chain conditions sourcing of minerals

• >80% spend under central control Driving improvement Blockchain • €22bn annual spend in downstream BLOCKCHAIN verification cross emissions sector partnership • 10,800 direct suppliers

6 Electromagnetic Fields (‘EMF’): is 5G safe to use?

Guidelines established by independent scientific body, ‘ICNIRP’1 Vodafone The 5G networks are expected to have similar • Operates within national regulations or lower levels of emission than 4G networks. • Carries out exposure evaluations Combined with 4G a modest cumulative • All handsets follow rigorous testing increase is possible in dense areas, still far below the limits. European Commission May 2019

Based on our ongoing evaluation of this issue, we believe the existing safety limits for cell phones remain acceptable for protecting the public health. US Food and Drug Administration 2018

1. International Commission for Non-Ionizing Radiation Protection 7 Anti-bribery and corruption framework applied across the Group

Key elements of Vodafone’s compliance programme: Key bribery risk areas for Vodafone Group:

High-risk markets Assurance 1 & Reporting 5 Governance & Resource Business acquisition and integration

Culture, Spectrum licensing learning 2 & comms Risk assessment Building and upgrading networks 4 Policy & Control Working with third parties 3 Framework applied across • All Vodafone entities • All Vodafone policy areas Winning and retaining business

8 Respecting and promoting Human Rights

Respecting the individual’s Right to Privacy and Freedom of Expression

Through connectivity, our business promotes positive Employee and Supply chain labour rights outcomes for a range of human rights. and the prevention of Modern Slavery We seek to honour the principles of ALL internationally recognised human rights. Child online safety in today’s digital world

Rights-based development of Emerging Technology

9 Q&A Forward-looking statement

2 Our security and privacy governance structure

Vodafone Board Audit & Risk Committee

Group ExCo (Risk owners) Group CTO Group External Affairs Group General Counsel Johan Wibergh Joakim Reiter Rosemary Martin

Security Risk & Compliance Committee Global Cyber Group Corporate Group Privacy Officer Risk & Compliance Committee Security Director Security Director Emma Smith Richard Spearman Mikko Niva

Global Cyber Leaders Corporate Security Global Privacy Cyber Risk Council Regional forums Leadership Team

A secure connected future for our customers and society

3 Corporate Group Corporate Security: vision and priorities Security

Products, Services & Critical Asset Protection Acquisition & management of asset, entity & product data to ensure data Leadership Team accuracy and essential policy & controls are applied. Support, develop & guide the team to implement & adapt strategy. Awareness (Security, Business Resilience and Fraud) Enhance security, business resilience and fraud proficiencies across our stakeholders.

Governance and Assurance Define policy & controls for the Corporate Law Enforcement Assistance (LEA) Security Policy Framework and improve Vision Assurance and oversight of LEA activities - company compliance. embedding evidential integrity and standards into A secure existing and new technical capabilities. connected future for our customers & society

Investigations Fraud Conduct internal investigations as required. Identify Exploit intelligence across the market and develop remediation and enforcement steps to strengthen new controls to identify, deter and monitor controls. fraudulent activity to counter and deter the risk of fraud.

Public Policy Business Resilience Pursue a public policy framework in support of Enhance business continuity, crisis management, physical Vodafone’s business objectives and to reduce and travel security for protection and safety of our people and regulatory uncertainty. assets.

4 Cyber Cyber Risk Security

External: Exploiting security weaknesses in Vodafone systems and infrastructure Tricking users to introduce malicious software or give out information

Internal: Accidental leakage of information Malicious misuse of privileges

Supply chain: Supplier hosting Vodafone data is breached Supplier is used as a conduit to attack Vodafone

5 Cyber Cyber Security Baseline: Global Common Standard Security

Risk tolerance expressed International Standard Mapped to Cyber and 48 key controls identified as an effectiveness target ISO 27001 Information Risks to mitigate risk for the 48 key controls

Vodafone Products Security Hygiene and Network Security and Services Essentials

9 Key Controls 5 Key Controls 5 Key Controls Target of Substantially Effective controls Supplier and Third Data Driven Assurance People Security Cyber Defence Party

Across 48 key controls and 9 domains 2 Key Controls 2 Key Controls 4 Key Controls

Identity and Access People Protection Software Development Management

8 Key Controls 3 Key Controls 10 Key Controls

6 Cyber Global Cyber Security: our teams Security

Prevent Detect Respond Before During After Governance, Risk and Control Agreeing risk appetite and policy standards. Measuring and assure control effectiveness.

Secure by Design Products & services and internal systems are secure by design reducing likelihood of compromise.

Cyber Prevent Implement and operate global security platforms and controls.

Cyber Defence Threat intelligence and security testing, detecting vulnerabilities and threats. 24/7 monitoring. Incident response to minimise the impact of security events

Local Market Teams Local business aligned teams, culture and awareness and embedding security into the business.

7 Privacy Privacy Risk

Collecting data without permission Violations of confidentiality of communications

Excessive collection or misuse of data Inaccurate data, poorly managed Excessive retention

Unauthorised sharing, modification or loss of data Supplier non-compliance

8 Privacy Privacy Baseline: Global Common Standard

20 key and 20 non-key Risk tolerance expressed Security for Privacy ISO 27701 Mapped to Privacy Risks controls identified to as an effectiveness target includes 27 CSB controls mitigate risk for the 20 key controls

3. Organisational 1. Programme 2. Baseline Risk 4. Security & Security & Privacy Management Management Privacy by Design Impact Assessm. 2 Key Controls 1 Key Controls 1 Key Controls 1 Key Controls Target of Substantially Effective controls 5. Permissions & 6. Individual 7. Data 8. Security for Data Driven Assurance Transparency Rights Management Privacy 3 Key Controls 1 Key Controls 3 Key Controls 2 Key Controls Across 20 key controls and 12 domains

10. Processor 11. Training & 12. External 9. Third Parties Obligations Awareness Influence

2 Key Controls 1 Key Controls 2 Key Controls 1 Key Controls

9 Privacy Privacy: our teams

Governance, Risk and Control Agreeing risk appetite and policy standards. Measuring and assuring control effectiveness

Privacy by Design and Strategic projects Products & services, internal systems and processes are Privacy by design

Privacy by Operations High volume work, tools, processes and reporting, issue management

Legal, Advisory and external influence Legal review and advisory, M&A, restructuring, Partner Markets, Regulatory and Policy Engagement

Local Market Teams Each market has a Privacy Team, dotted line reporting to Global Privacy Officer

10 Q&A Forward-looking statement This presentation, along with any oral statements made in connection therewith, contains supply chains and greater than anticipated prices of new mobile handsets; changes in the costs “forward-looking statements” within the meaning of the US Private Securities Litigation Reform to the Group of, or the rates the Group may charge for, terminations and roaming minutes; the Act of 1995 with respect to the Group’s financial condition, results of operations and businesses impact of a failure or significant interruption to the Group’s telecommunications, networks, IT and certain of the Group’s plans and objectives. systems or data protection systems; the Group’s ability to realise expected benefits from acquisitions, partnerships, joint ventures, franchises, brand licenses, platform sharing or other In particular, such forward-looking statements include, but are not limited to the Group’s arrangements with third parties; acquisitions and divestments of Group businesses and assets Environmental, Social and Governance targets. and the pursuit of new, unexpected strategic opportunities; the Group’s ability to integrate Forward-looking statements are sometimes, but not always, identified by their use of a date in acquired business or assets; the extent of any future write-downs or impairment charges on the the future or such words as “will”, “anticipates”, “aims”, “expects”, “believes”, “intends”, “plans”, Group’s assets, or restructuring charges incurred as a result of an acquisition or disposition; “prepares”, “targets”, “forecasts” or “seeks” (including in their negative form). By their nature, developments in the Group’s financial condition, earnings and distributable funds and other forward-looking statements are inherently predictive, speculative and involve risk and factors that the Board takes into account in determining the levels of dividends; the Group’s uncertainty because they relate to events and depend on circumstances that may or may not ability to satisfy working capital requirements; changes in foreign exchange rates; changes in the occur in the future. There are a number of factors that could cause actual results and regulatory framework in which the Group operates; the impact of legal or other proceedings developments to differ materially from those expressed or implied by these forward-looking against the Group or other companies in the communications industry and changes in statutory statements. These factors include, but are not limited to, the following: external cyber-attacks, tax rates and profit mix. insider threats or supplier breaches; general economic or and political conditions the Furthermore, a review of the reasons why actual results and developments may differ materially jurisdictions in which the Group operates, including as a result of Brexit, and changes to the from the expectations disclosed or implied within forward-looking statements can be found associated legal, regulatory and tax environments; increased competition; increased under the headings “Forward-looking statements” and “Risk management” in the Group’s Annual disintermediation; levels of investment in network capacity and the Group’s ability to deploy new Report for the year ended 31 March 2019. The Annual Report can be found on the Group’s technologies, products and services; rapid changes to existing products and services and the website (vodafone.com/investor). All subsequent written or oral forward-looking statements inability of new products and services to perform in accordance with expectation; the ability of attributable to the Company, to any member of the Group or to any persons acting on their the Group to integrate new technologies, products and services with existing networks, behalf are expressly qualified in their entirety by the factors referred to above. No assurances technologies, products and services; the Group’s ability to generate and grow revenue; a lower can be given that the forward-looking statements in or made in connection with this than expected impact of new or existing products, services or technologies on the Group’s future presentation will be realised. Subject to compliance with applicable law and regulations, revenue, cost structure and capital expenditure outlays; slower than expected customer growth, Vodafone does not intend to update these forward-looking statements and does not undertake reduced customer retention, reductions or changes in customer spending and increased pricing any obligation to do so. pressure; the Group’s ability to expand its spectrum position, win 3G, 4G and 5G allocations and realise expected synergies and benefits associated with 3G, 4G and 5G; the Group’s ability to secure the timely delivery of high-quality products from suppliers; loss of suppliers, disruption of 12 Inclusion for All

Serpil Timuray CEO, Europe cluster Philippe Weber Head of M-Pesa Disclaimer

C2 General Context

• 15m girls are not in primary school right now Women’s • Women lag behind in participation to workforce and economic life Empowerment • 1 in 3 women will experience physical and/or sexual violence in their lifetime • 197m fewer women than men own a mobile phone, 313m fewer use mobile internet

Rural • The economic divide: Developed urban economy under pressure from an increasing population Economic while rural communities suffer from migration to urban “brain drain” and require investment, Growth infrastructure and jobs to ensure their growth and survival into the future

Youth & • Globally 209m young people are either unemployed or work while living in poverty Digital Skills • 37% of European workers lack basic digital skills and demand for these skills outstrips the supply

• 1.7bn adults do not have access to a bank account, 339m in Sub Saharan Africa Financial • 40% of formal micro, small and medium enterprises (MSMEs) in developing countries, have an Inclusion unmet financing need of $5.2tr every year • MSME financing gap is $336bn in Africa

C2 General Inclusion for All | Our 4Cs approach

Customers Communities Colleagues Co-Partners

C2 General Women’s empowerment I Halving the mobile gender gap by 2025

Maternal Health Entrepreneurship Safety

Sakhi 7m Mum & Baby Women First Activations in India Subscribers in TechSOS100k 1.4m South Africa Women in 81 cities 54k Turkey Benefited in 5 Europe markets Additional BrightSky app 25k vaccinations 650K in UK & IR; rolling out to all markets

Partnership with Girl Effect (global) C2 General Women’s empowerment I Business Impact

Additional women Segment propositions customers In 9 AMAP markets

Women segment market share 19.4m Higher by 1.3pp vs. total market share Added in last 2 years Churn Increasing Women in our base by 0.5pp lower compared to men 3pp to 36%

NPS +6pp compared to men

(Women segment market share higher in all AMAP markets except Ghana) 6

C2 General Rural Economic Growth I Gigabit Town with Enterprise Hub

Social & Economic Business Impact Impact Enterprise sales Vodafone providing connectivity conversion rates to support the creation and 40% vs. 30% avg. nationally migration of high-value businesses and jobs to any location Churn 10pp reduction vs. nationally 200 New jobs created ARPU €11m Economic impact €42 Fixed ARPU vs. Ireland - Skibbereen Gigabit Town In Skibbereen, Ireland €39 nationally

7 Next step : Pilot in the EU Cluster markets C2 General Youth and Digital Skills I Support 10m young people with digital skills

Access to education Skills training Girls in digital Future Jobs

Future Jobs Finder Instant network schools* Coding and robotics #codelikeagirl Future Jobs Finder Children accessing 86k in 8 refugee camps 46.5k 2,927 488k Instant schools platform Participants in 14 Girls in 23 Young people Learners in markets markets supported 500k Africa

*Vodafone Foundation in partnership with UNHCR 8

C2 General Youth and Digital Skills I Business impact

Segment propositions In all markets

Youth segment market share Higher by 1.6pp vs. total market share in 8 markets Youth make up NPS 29% Higher vs. >25yrs in 8 markets of Vodafone’s customer base Vs. 25% in population (16-24)

C2 General Financial Inclusion | M-Pesa, the largest FinTech platform in Africa

Egypt 11bn Launch June 2013 Ghana Transactions Launch December 2015

DRC Launch November 2012

€116bn Kenya Launch March 2007 Value Transacted Tanzania Launch April 2008 Other mobile operators MTN: 28m, Orange 15m, Airtel 10m Mozambique Launch May 2013 37m Leading banks in Africa 1 Ecobank: 20m in 36 countries Customers Standard Bank 15m in 20 countries Lesotho Launch July 2013

1. Active customers on a 30 days basis FY 19 results 10

C2 General Financial Inclusion | M-Pesa use cases

Send money home International Money Enterprise Micro loans and Transfer C2B, B2C Overdraft

Future Jobs Finder

• 1.2bn person-to-person • >$500m inbound • 800m bills paid1 • >15m first time borrowers transfers1 remittances in FY19 • €7bn disbursed1 by • €2bn disbursed1 • €50 transferred per companies, government month per user and NGOs

1. In H1 FY20 11

C2 General Financial Inclusion | M-Pesa adoption

Money transfer & core 2 Enterprise payments 3 Financial services 4 Mobile commerce 1 services P2P transfers, international Pay bills, salaries payment, Loans, overdraft, handset Merchant payment money transfers digital supply chain financing, insurance, in- store and online wealth management % of % M-Pesa Progress by market service penetration revenue on GSM base Kenya 34 86 Tanzania 34 59 Mozambique 15 68 DRC 9 22 Lesotho 8 52 Ghana 1 16 Egypt 0.3 1

H1 FY20 results 12

C2 General Financial inclusion | Impact on society and on business

Social & Economic Business Impact Impact

Financial inclusion in Revenue Kenya has risen from €750m 17% to 73% +21% yoy between 2007 - 2018 Customer satisfaction Higher NPS and lower churn Digital Top-ups 400,000 Agents €200m In commissions Ireland - Skibbereen Gigabit Town

C2 General Women Empowerment: Connected She Can Connecting 50m additional women in developing markets

Rural economic growth: reverse the urban migration “brain-drain” and Inclusion support regional economic recovery Youth & Digital Skills Connecting For All 10m young people to digital skills and upskilling the next generation

Financial Inclusion: M-Pesa Connecting 50m mobile users to banking

14 Forward-looking statement

C2 General Environment and Energy

Johan Wibergh Group CTO Bernd Leven Head of Energy Performance Disclaimer

2 Our targets for 2025

100% 50% 100% renewable reduction in Network waste electricity supply GHG emissions reuse, resell or recycle

against a baseline of our emissions for the 2017 financial year

In 2018 we joined

#RedLovesGreen

3 Reducing environmental impacts ǀ directly and indirectly

Our own Our indirect Helping customers to environmental impact environmental impacts reduce their impact • GHG reduction • Science-based target • Smart Logistic • Renewables • Device e-Waste • Smart Grids • Network waste (e.g. Fairphone) • Smart Cities • Cloud & Hosting

Covered by planet targets Targets under development Covered by Digital Society Pillar

1 We enable customers to save c.2.9 tonnes of CO2 for every tonne we emit

1. Based on expected IoT growth and halving our own GHG emission we expect this metric to increase significantly 4 Our own environmental impact ǀ Vodafone energy landscape

5.6TWh 15% 2m tonnes €700m annual energy renewable annual CO 2e annual energy cost consumption electricity share emissions

Energy consumption breakdown

66% 28% 5% 1% Base stations & fixed access Our technology centres Our offices Our retail stores

Scope: Management control (majority owned and operated by Vodafone, excl. JV, Liberty and partner markets)

5 Our own environmental impact ǀ Energy and GHG strategy

Strategic priorities to deliver 100% renewable supply and a 50% GHG reduction

• Highest priority. Best to avoid consumption in the first place Energy efficiency • More efficient radio equipment, servers and power/cooling

• Renewable generation on our sites (ground, roof-top, car park) On-site renewables • Limitations through space, regulation, theft, etc.

Power purchase • Long-term supply contract with renewable developer agreements (PPA) • Plan to cover 20-40% of our electricity demand

Renewable electricity • Electricity with Guarantees of Origin or renewable tariffs certificates (REC) • Limited availability outside EU

6 Our own environmental impact ǀ Energy Efficiency

Mobile data traffic 6000 Key technology initiatives (Petabyte) 4000 • Active Antenna: reduces power loss in cables. • Single Radio Access Network (SRAN): Single item to 1,000% 2000 run multiple technologies (2G, 3G, 4G) increase in mobile data • Shutting down 3G and reducing 2G capacity traffic over 5 yrs. 0 • Migrating traffic to 4G and 5G network 2014 2015 2016 2017 2018 2019 • Power saving modes when low network usage

Energy/data traffic 12 • Technology Centres Site consolidation (GWh/Petabyte) 10 • Virtualisation and Cloudification 8 • Decommissioning or replacing of servers and storage 6 90% 4 reduction in energy • High efficiency power and cooling systems 2 consumption per • Moving equipment into outdoor cabinets to saves cooling 0 data traffic 2014 2015 2016 2017 2018 2019 • IoT, remote monitoring and control systems • Smart metering, new Energy Data Management System

7 Our own environmental impact ǀ Renewable electricity

Generation on our sites • 1100+ Base stations, technology and office sites with Solar PV • 5.4 GWh electricity generation last year Base Stations Technology Centres • 25% of Vodacom Lesotho network powered by renewables • Further sites in planning and roll-out

Power Purchase Agreements (PPA) • 74 GWh/12% of our UK energy consumption from 2 Windfarms Lesotho (1-2 kWp) Adana, Turkey (250 kWp) • Procuring further PPA in UK and other markets • Supporting government in Egypt in developing PPA regulation Offices Windfarm (PPA)

Renewable Electricity Certificates (RECs) • Remaining supply to be covered from credible RECs and renewable tariffs depending on local availability Johannesburg, SA (542 kWp) Gayton, UK (16.4 MW) • 747 GWh sourced last year (Italy, Czech, Ireland)

8 Vodafone Germany’s ‘GIGA Green’ initiative

‘Mission Green’ • Employee Engagement • App with weekly missions covering mobility, nutrition, consumption, energy, nature

• CO2 calculator This is GIGA Green • Climate Change information Minus 92% GHG reduction by 2022 Switch to 100% renewable electricity by 2022

9 Our indirect environmental impacts ǀ Science based target

We committed to setting a Science Based GHG reduction target to limit global warming to 1.5C above pre-industrial level, aligning with the Paris accord on climate change

Use of sold products 100% 50% 12.9m Joint ventures renewable reduction in GHG tonnes electricity supply emissions Purchased against a baseline of our emissions for the 2017 financial year goods & services

Emissions from our operations (Scope 1 & 2) Indirect Emissions (Scope 3)

Developing an science based targets Industry Pathway for Mobile Operators with the GSMA Planning to set a target for Vodafone next Financial year.

10 Helping our customers reducing their environmental impacts

1 Vodafone global IoT connections GHG reductions enabled by our IoT services (m)

100 Smart Cities 94 Health Care 80

20 Smart Metering 5.9m

0 tonnes Smart Logistics & Fleet Management

Over 31% of our IoT connections enable our customers to reduce their GHG emissions

1. Based on Carbon Trust methodology and assessment for Vodafone IoT connections (incl. 1m tonnes for NL and US). Excl. additional savings from cloud and hosting, Videoconferencing etc. 11 Q&A Forward-looking statement

14 Long term commitment: Vodafone’s journey to being a sustainable business and a purpose-led organisation

First Group-wide 2-for-1 customer target to reduce C02 enablement goal launched emissions established (met in 2018) 2025 CO2 and 2022 youth skills targets launched

2001 2006 2010 2015 2016 2018 2018 2019

New Sustainable Business strategy launched

Vodafone joins RE100 2025 women’s empowerment First sustainability targets launched report published First CDP submission

15 Network waste ǀ 100% reused, recycled target

8,500 tonnes • Group waste policy since 2013 prioritised reuse, recycling and responsible disposal of all network waste. Total network waste generated Keeping resources in use as long as possible extracting (including hazardous waste) the maximum value from items in use before recovering and reusing materials at end of life 99.5% • Only using certified specialist waste contractors Recovery and recycling of network e-waste (excluding hazardous waste1)

1. Of network waste which is legally allowed to be reused, recycled or recovered, some hazardous wastes are not able to be recovered 16 Our First Green Bond ǀ Widened Investor Base and created awareness for our ESG agenda

Use of Proceeds - €750m • IoT – Help customers in GHG reduction • 5G – More efficient than 2G, 3G, 4G • Energy Efficiency and Renewable Projects • Sustainable Buildings

www.investors.vodafone.com/debt-investors/green-bond-framework

17 Diversity & Inclusion

Leanne Wood Group Chief HR Officer Disclaimer

2 Vodafone People Priorities

Deliver Vodafone’s strategy

Deeper customer engagement Scaled platforms & partner of choice

Best Gigabit Network Digital First Radically Simpler

By supporting our business and our people through…

Purpose & Spirit Diverse Talent & Skills Organisation Employee Experience

Ensuring our new Guaranteeing the Shaping an effective Delivering an Purpose and Spirit is diverse talent and and efficient digital employee experience lived by everyone at critical skills we need organisation that puts that unlocks personal Vodafone now and in the future the customer first growth & business performance

3 Building a Diverse and Inclusive Vodafone

At Vodafone, we want everyone to feel like they belong and can be themselves

Communities Customers

Partners Colleagues

4 Engaging our people to drive change

We involve diverse groups across our organisation on a range of focus areas and engage with leaders to make change happen…

Women LGBT+ Disability BAME Leaders

And work to continue to evolve through… • Engaging our people • Research and commitments • Global policies and programmes

5 Making progress against our focus areas: GENDER

LGBT+ Disability BAME Leaders Women

Progress over last 5 years 2015 2019 Overall workforce 37% 40% New Women in management & leadership 26% 31% Target Women on Executive Committee 18% 29% Women on the Board 25% 42% Initiatives: • Global maternity policy • ReConnect • Domestic Violence and Abuse policy • Developing female employees

6 Making progress against our focus areas: LGBT+

Women Disability BAME Leaders LGBT+

• LGBT+ community: 15 active networks, 20 Executive Sponsors, over 2,000 Friends of LGBT+ • Research and commitments: e.g. Youth at work • Raising awareness: through events and development • Embedding in the workplace: across our systems, policies and processes • Internal and external measurement: to understand where we can do more

7 Making progress against our focus areas: DISABILITY

Women LGBT+ BAME Leaders Disability

• disABILITY’: digital site for all our employees • Accessibility: of our websites and tools • Internal and external best practices

8 Making progress against our focus areas: BAME

Women LGBT+ Disability Leaders BAME

• Increasing cultural understanding and awareness across countries • Understanding our ethnically diverse population in the UK • Multicultural network launch

BAME network launch

9 Making change happen through our LEADERS

Women LGBT+ Disability BAME Leaders

• Learning and development: unconscious bias and area specific • Diverse representation in leadership communities • Visible sponsorship

10 New Global Parental Leave Policy

The Policy • 16 weeks fully paid parental leave • Plus phased return to work – 80% on full pay • Open to all new parents, regardless of gender, sexual orientation or length of service • Whose partner is having a baby, adopts or has a child through surrogacy

What we want to achieve • Supporting our employees and their families • Give every parent the opportunity to have more time with their children • Playing our part in shaping society

What people are saying • Extremely positive employee engagement • Big impact on social media externally • Reaching our people, future employees and customers

11 Q&A Forward-looking statement